PART I: The following are the draft financial statement for Vernet Company for the year ended March 31, 20x5. Vernet Company Statement of profit or loss For the year ended March 31, 20x5 E Revenue 5,650,500 Cost of sales (3,460,600) Gross profit 2,189,900 Administrative expenses (9?8,800) Distribution costs (256,000) Profit from operations 955,100 Finance charge (89,000) Profit before tax 866,100 Income tax expense !297,600! Profit for the period 568,500 Vernet Company Comparative Statements of Financial Position March 31 20X? 20X E E ASSETS Non-current assets Property, plant and equipment 4,360,400 2,950,300 Investments 172,000 156,000 4,532,400 3,106,300 Current assets Inventories 460,600 365,100 Trade receivables 269,000 244,500 Government bonds 1 05,000 1 00,000 Cash 180,000 20,200 1,014,600 729,800 Total assets 5,547,000 3,836,100