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You are required to provide an explanation to the acco appropriate events: (i) On 28 February 2011 a company's financial statements for the year ended 31 December 2010 were authorized for issue. The company sells some products on credit to customer X before 31 December 2010. At 31 December 2010 the company's management had no doubt about the customer X's ability to pay the outstanding trade receivable of $200,000. However, in February 2011, before the financial statements were authorized for issue, the company is informed that customer X is going into liquidation because it has significant debt, has virtually no cash inflows and its accounting records are poorly maintained. Because of this, the trade receivables are deemed worthless. (9 marks) (ii) A dividend of $40,000 in respect of the financial year ended December 31, 2013 was declared in January 2014 and paid on 12 January 2014. The accountant included the dividend in the financial statement for the year ended 31 December 2013. (4 marks)