QUESTION 1 (50 MARKS) a. Safri and Hanni have been married for 5 years. They own a condominium in Petaling Jaya, and have no children. Safri is 28 and Hanni is 26 years old respectively. Both have set their long term financial goal 34 years from now for their retirement. Safri has just completed his final year as an engineer, now, working in an manufacturing company. Hanni, an MBA graduate is working at a local advertising company. Both love to travel and enjoy water sports. Before they plan to have children, they want to ensure that they are financially stable and have set up their children's education fund as well and meet all their short and medium goals. They have decided to compile a list of their expenses so that they can see clearly. Below are information of their expenses so they can have a regular savings program:- Item Balance of long term loan (from parents) Wages and Salary - Safri Jewelery and artwork Current account - Safri Homeowner fire insurance premium payment Wages and Salary - Hanni Condominium (market value) Life insurance premium payment Stocks Stock dividend received Safri's bonus Toyota Camry (market value) Auto insurance premium payment Short term loan Dental/medical bills Mortgage payment Household furnishing Credit card balance - Hanni House repair Mutual funds Outstanding housing loan Auto loan payment Annual Expenditure (RM) 19,200 240,000 6,000 3,040 4,800 93,400 900,000 7,460 15,000 480 12,200 92,000 7,120 700 500 47280 14,800 1,200 4200 9,000 640,000 10,080 Retirement funds Savings Account - Hanni Credit card balance- Safri Income tax-Safri and Hanni Money market funds and deposits Balance of auto loan Corporate bonds Corporate bond interest received Credit card limit - Safri and Hanni (each) Education loan Electric and water and cable tv bills Phone bill and internet Maintenance fee for condo Groceries Car maintenance Fine dining Hospital bills Medical checkup for Safri and Hanni Shopping expenses Property tax Purchase 3 units air conditioner Laundry, cosmetics and hair care Vacation Tuition fee and books Holiday/birthday gifts Education loan payment Paid parents' loan 16,000 2,900 1,880 73,276 3,200 17,400 4,000 780 10,000 15,200 7000 1920 960 9700 9,060 13,600 1,220 9,000 6,800 8,400 5,000 2,800 18,520 5,600 860 3,600 2,400 Required: i. Prepare the couple's balance sheet for the year ended 31 December 2020 (10 marks) ii. Prepare the couple's cash flow for the year ended 31 December 2020 (10 marks) iii. Analyze the couple's financial performance by applying personal finance ratios