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2. True (T) or False (F) statements (20 marks) You are provided the financial information and statements below for the year ended 31 March 2021 for Sunny Ltd. ~ Using the template provided below, indicate for each of the statements whether it is True (T) or False (F). If the statement is false, rewrite the statement to make it true, otherwise leave it blank.~ Item Financial information and related statements T/F (a)- Financial Information: On 1 April 2020, the opening balance of the provision for warranty was $15,000. At the end of the financial year, $25,000 has been paid out for warranty claims. On 31 March 2021, the Balance Sheet shows a liability "Provision for warranty" with a closing balance of $50,000.~ Statement: Therefore, during the financial year, Sunny Ltd recognised $25,000 for its warranty expense in the Income Statement. ~ Rewrite statement. L (b ) + Financial Information: On 1 April 2020, the opening balance of the land was $900,000. The land is measured at cost. During the year, a piece of the land was sold for $300,000 cash, and there was a gain on sale of $60,000. ~ Statement: Therefore, on 31 March 2021, the Balance Sheet has an asset "Land" with a value of $600,000, and the asset "Cash" balance goes up by $300,000.~ Rewrite statement L t (c)- Financial Information: On 1 April 2020, the opening balance of the prepayment for insurance was $20,000. During the year, Sunny Ltd recognises $35,000 "Insurance expense" in the Income Statement. On 31 March 2021, the Balance Sheet has an asset "Prepayment for insurance" with a value of $25,000. ~ Statement: Therefore, for the year ended 31 March 2021, Sunny Ltd has paid out $35,000 cash for the insurance. ~ Rewrite statement:Q2 continued:~ Item Financial information and related Statements T / F- (d)+ Financial Information: On 1 April 2020, the opening balance of the allowance for doubtful debts (DD) was $10,000. During the year, Sunny Ltd recognised $30,000 for doubtful debts expense in the Income Statement. On 31 March 2021, the Balance Sheet has a contra asset account "Allowance for DD" with a closing balance of $6,000. ~ Statement: Therefore, for the year ended 31 March 2021, $34,000 accounts receivable has been written off as bad debts against allowance for DD account. Rewrite statement tt (e) Financial Information: Sunny Ltd owns a rental property providing rent revenue for the business. On 1 April 2020, the opening balance of the rent revenue received in advance was $6,000. During the year, $82,000 cash was received from the tenant. At the end of the financial year, only $77,000 was recognised as rent revenue related to this financial year in the Income Statement. ~ Statement: Therefore, the related journal entries for this financial year are: Dr Cash $82,000~ Cr Rent revenue received in advance - Liability $82,000 Dr Rent revenue received in advance - Liability $77,000~ Cr Rent revenue $77,000~ Rewrite statement: (f ) Financial Information: On 1 April 2017, Sunny Ltd purchased office equipment for $600,000. The equipment is depreciated over 5 years on a straight line basis with a residual value of $50,000. At the end of the financial year, the equipment was revalued to $200,000.~ Statement: Therefore, on 31 March 2021, the Balance Sheet has an asset "Office equipment" with a value of $600,000, and the Equity account "Asset revaluation reserve" balance goes up by $200,000. ~ Rewrite statement. ttQ2 continued:~ Item Financial information and related Statements T/F (g)+ Financial Information: During the year, Sunny Ltd spent $50,000 for developing a project and recognised this amount as a development asset on balance date. ~ Statement: Therefore, the journal entry to recognise this transaction is:~ Dr Development asset $50,000- Cr Cash $50,000 ~ Rewrite statement: tt (h) Financial Information: On 1 April 2020, the opening balance of the goodwill was $100,000. At the end of the financial year, Sunny Ltd believed that the goodwill had been impaired by $10,000 and recognised the impairment expense in its Income Statement. This is the first time that Sunny Ltd has recognised goodwill impairment.~ Statement: Therefore, the journal entry to recognise this transaction is:~ Dr Goodwill $10,000~ Cr Impairment expense $10,000 ~ Rewrite statement. Financial Information: On 1 April 2020, the opening balance of salary payable was $4,000. At the end of the financial year, the closing balance of salary payable was $1,000. ~ Statement: Therefore, the journal entry to recognise the reduction on "salary payable" is:~ Dr Cash $1,000 Cr Accounts payable liability $1,000 Rewrite statement. ttQ2 continued:~ Item Financial information and related Statements T / Fe Financial Information: On 1 April 2020, the opening balance of inventory was $120,000. During the year, Sunny Led purchased $700,000 products for sale. For the year ended 31 March 2021, Sunny Ltd recognises $650,000 "Cost of Goods Sold" in the Income Statement. ~ Statement: Therefore, on 31 March 2021, the Balance Sheet has an asset "Inventory" with a value of $700,000.~ Rewrite statement: t