Question One [100 Marks Glaspers Enterprise Limited is currently going public. The entity wants to obtain $2.5 billion to expand its operations. At the entity most recent audit committee meeting, the entity's chief financial officer presented the entity's trial balance for discussions. Below entails the entity's unadjusted trial balance before incorporating suggestions made by the chairman of the entity's audit committee. Detalls Debits Credit Plant and Machinery Freehold Land Motor Vehicles Furniture and Equipment Accumulated Depreciation on Plant and Machinery Accumulated Depreciation on Motor Vehicles Accumulated Depreciation on Fumbre and Equipment Administrative Expenses Other Operating Expemes Bank Balance Petty Cash Balance Cash in Hand Revenues Cost of Goods Sold Inventory as at December 31, 20211 Deferred Tax Liability Ordinary Share Capital 5% Convertible Debenture Payment Lease Expense Over-Provision of Income Tax Accumulated Losses Research and Development Cost 12% Bank Loan Interest Expense on 12% Bank Loan Trade Payables Trade Receivables Share Preman 350,000,000.00 250,000,000.00 100,000,000.00 280,000,000.00 28,000,000.00 4,000,000.00 45,000,000.00 155,000,000.00 25,000,000.00 6000,000.00 5,000,000.00 10,000,000.00 325,000,000,00 1000.00 725,000,000.00 25,000,000.00 50.000.000.00 1,000,000.00 5,000,000.00 10,000,000.00 36,000,000.00 64,000,000.00 100.000.000.00 10,000,000.00 250,000,000.00 40,000,000.00 143,000,000.00 250,000,000.00 50.000.000.00 30,000,000.00 20.000.000.00 Prepared by Kerwin D. 4% Redeemable Preference Dividend Payable Royaly Income 1750,000,000.00 1,750,000,000.00 Below are additional suggestions made by the entity's audit committee after consultation with the entity's chief financial officer, which may require adjustments prior to the finalizing of the company's audited financial statements. To date, no adjustments were made by the entity's management. Taxation The company is currently unregulated, hence, it pay income taxes at the rate of 25% The entity has accumulated deductible temporary difference amounting to $100 million and the committee indicated that it is probable that the company will can sufficient taxable profits in the future to realize the entire deductible temporary differences. The entity reported taxable profits for the year of assessment December 2021 amounting to $240 million