Question 1: (Approximately 400 words) Queenslander Ltd operates a café and gift shop at Montville in the Sunshine Coast hinterland. You are the accountant for the company and the following items relate to the year ended 30 June 2016: (a) Queenslander Ltd is the guarantor for an employee's bank loan. As the employee is in serious financial difficulties, you think it likely that he will default on the loan. (b) As a gift from a very grateful and generous customer, Queenslander Ltd receives 500 shares in Walters Ltd which are currently trading at $2 per share. (c) The company's directors believe that the panoramic views of the Sunshine Coast hinterland from the windows of the café attracts a large number of customers. Required: Explain how Queenslander Ltd should account for each of the above items. You should justify your answer by reference to the AASB conceptual framework's definitions and recognition criteria for assets, liabilities, income and/or expenses.