Answer ALL questions. $[30$ MARKS$]$ Read the case study and answer the questions that follow: DREAMIT ELECTRONICS LTD: PROJECTIONS FOR $2024$ AND $2025$ After posting excellent sales and net profit in the previous year Dreamit Electronics Ltd set its sights on growth and innovation as it celebrated its $10$th anniversary in $2023.$ It has continually strived to become the leader in the electronics industry in South Africa. The company is also committed to being a good corporate citizen, as it strives to fulfil both its economic and social responsibilities. The following reflects the financial position of the company on $31$ December $2023$: The carrying value of the fixed assets was R$30000000$ whilst the current assets comprised inventory of R$9400000,$ accounts receivable of R$8000000$ and cash of R$1600000.$ The equity consisted of ordinary share capital, R$17000000,$ and retained earnings of R$6400000.$ An amount of R$22000000$ was owed to Mesa Bank for a long$-$term loan. Trade creditors were owed R$3600000.$ The following projections and proposals were made by Dreamit Electronics Ltd for $2024$: The sales are expected to increase from R$30000000$ in $2023$ to R$40000000$ in $2024.$ All the sales are on credit. Accounts receivable is based on a collection period of $36\mathrm{.}5$ days. Accounts payable must be calculated using the percentage$-$of$-$sales method. The gross margin and net profit margin ratios are expected to be $25\%$ and $10\%$ respectively for $2024.$ All purchases of inventory are on credit. Purchases for $2024$ are projected at R$25000000.$ The company expects to show a net increase in cash of R$500000$ during $2024.$ R$24000000$ will be spent on additional land and buildings during the fourth quarter of $2024.$ The total depreciation for $2024$ is forecasted at R$4000000.1000000$ ordinary shares are expected to be sold at R$4$ each during January $2024.$ Dividends of R$3000000$ are expected to be recommended by the directors at the end of $2024.$ These QUESTIONS $1.$ Prepare the Pro Forma Statement of Financial Position as at $31$ December $2024.($Ignore the investment opportunity for $2025.)$