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Requirement: Explain your accounting treatment for the following transactions with assumptions, principles and conventions underlying the preparation of each of the following accounting entries (10 marks each): Mar Purchased 10% shareholding in Charlotte Limited, a supplier, as a long-term 1(d) investment. The fair value of the 10% shareholding was $2,000,000 as at 1 March. The purchase consideration included a $1,800,000 note receivable due from Charlotte Limited and the related interest receivable balance of $96,000, $94,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $80,000. Mar Received a check of $15,525 from the liquidator of Tony Limited. Tony 30 Limited was closed down in December 2019 and the managing director of ITI authorized to write off $45,000, being the full amount outstanding in the accounts of Tony Limited, as of then. Requirement: Explain your accounting treatment for the following transactions with assumptions, principles and conventions underlying the preparation of each of the following accounting entries (10 marks each): Mar Purchased 10% shareholding in Charlotte Limited, a supplier, as a long-term 1(d) investment. The fair value of the 10% shareholding was $2,000,000 as at 1 March. The purchase consideration included a $1,800,000 note receivable due from Charlotte Limited and the related interest receivable balance of $96,000, $94,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $80,000. Mar Received a check of $15,525 from the liquidator of Tony Limited. Tony 30 Limited was closed down in December 2019 and the managing director of ITI authorized to write off $45,000, being the full amount outstanding in the accounts of Tony Limited, as of then

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