Question 6 [6 marks]Blue Ltd, a mid-sized company specialising in providing technology solutions for small businesses. At the beginning of the period, the company had a Cash balance of $105,000, Accounts Receivable balance of $61,000 and Accounts Payable balance of $52,000. Throughout the year ended 30 June 2025, the following events occurred for Blue Ltd: i. A three-year loan was acquired on 1 January 2025 for $100,000 at 6% interest, with both principal and interest to be paid at the end of the loan term, providing necessary capital for expansion and development projects.ii. Purchased $170,000 inventory on credit from a supplier. iii. Paid wages of $74,000 and owed employees another $15,000 in wages that were owing for work performed during the year. iv. Credit sales of $180,000; Cost of Goods sold $110,000, reflecting the sale of technology products to various clients. v. Collected $175,000 owed from customers. vi. Received payment of $40,000 for consulting work, which half has been completed by the end of the accounting period. vii. Paid suppliers $115,000 on the amount owing.Required:Given the information above, answer the following questions:a. What amount of revenue would be recognised in the Income Statement for the period ending 30 June 2025? [2 marks]b. What amount of expenses would be recognised in the Income Statement for the period ending 30 June 2025? [2 marks]c. What is the closing balance of Accounts Receivable account that would be recognised in the Balance Sheet as at 30 June 2025? [2 marks]