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Healesville Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville Sanctuary has more than 150 animal species, some of which are loaned from overseas animal parks. Healesville Sanctuary has two divisions for selling merchandise: a retail operation that sells food, beverages, shirts, souvenirs and other novelties to visitors within the park, and a wholesale operation that sells toys to department stores. 

The following management figures are relevant for the year ended 30 June 2020:

 

	$
Total assets	69 120 000
Total current assets	34 560 000
Inventories	28 800 000
Net assets	51 840 000
Profit after income tax	9 792 000

The company tax rate is 30 per cent.

 

During the conduct of the audit, the following items of interest were noted by the audit team:

(i) Due to an electrical contractor accidentally drilling through a power cable, all invoices for items sold through Healesville Sanctuary's wholesale operations on 22 and 23 June had to be manually prepared. Many of the manual invoices from this period omitted some of the items that were sold to department stores. The total value of the omitted items was $30 666 (2.75 marks).

(ii) Healesville Sanctuary lodged its tax return late and received a substantial fine. Payment of the fine was not made by the required date, and liability for the amount has not been recorded. The fine was $300 000 (2.75 marks).

(iii) Some of the toy crocodile products distributed to department stores by Healesville Sanctuary's wholesale operations were incorrectly priced due to a special one-off 'Crocodile Creature Month' discount not being reflected in the price the department stores were charged. These incorrect sales were made on 23 June 2018. The total misstatement arising from the incorrect sales was $14 261 (2.75 marks).

(iv) A number of senior executives flew to an animal conference in Melbourne. From the airport, they hired cars and parked outside the hotel for three nights, ignoring 'No parking' signs. The resulting parking fines were charged against Healesville Sanctuary's meals and entertainment account. The parking fines, totalling $1053, were all due before 30 June 2020 (2.75 marks). 

Required:

For each of the individual misstatements listed, explain whether the item should be reported to management or is clearly trivial.

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