please read the below and answer question 2.1 and 2.2

QUESTION 2 (20 Marks) REQUIRED Use the information provided below to prepare the following: 2.1 ProForma Statement of Comprehensive Income for the year ended 31 December 2024 using the percentage-of-sales method. (6 marks) 2.2 ProForma Statement of Financial Position as at 31 December 2024. (14 marks) INFORMATION The following information was provided by Sharpe Ltd to assist with the preparation of the pro forma financial statements for the financial year ended 31 December 2024 SHARPE LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 ' Sales 6 400 000 Cost of sales (4 400 000) Gross profit 2000000 Expenses (800 000) Profit before tax 1200 000 Company tax (324 000) Profit after tax 876 000 SHARPE LTD STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 R ASSETS Non-current assets 2 800 000 Fixed/Tangible assets 2 800 000 Current assets 2 400 000 Inventories 800 000 Accounts receivable 1 200 000 Cash 400 000 Total assets 5 200 000EQUITY AND LIABILITIES Shareholders' equity Ordinary share capital Retained earnings Non-current liabilities Long-term loan: VIP Bank Current liabilities Accounts payable 960 000 Company tax payable Total equity and liabilities 40000 5200000 Additional information 10. 1. Sales for the year ended 31 December 2024 are expected to be R8 000 000. Company tax is calculated at 27% of the pre-tax profit. Company tax payable (owing) on 31 December 2024 will equal to 10% of the tax calculated in the 2024 Pro Forma Statement of Comprehensive Income. An old machine (Cost price R400 000; Accumulated depreciation R136 000) is expected to be sold at carrying value (book value) on 31 December 2024 and a new machine with a cost price of R600 000 will be purchased on the same date to replace it. Total depreciation for the year ended 31 December 2024 is expected to be R560 000. The company's closing inventory will change directly with changes in sales for the financial year ended 31 December 2024. Accounts receivable represent approximately 18% of the annual sales. The cash balance is expected to remain unchanged. The authorized share capital consists of 500 000 shares of which 300 000 have been issued up to 31 December 2023. Forty percent (40%) of the unissued shares will be sold at R3 each during July 2024. A final dividend of 80 cents per share is expected to be recommended on 31 December 2024 on all the issued shares and is payable during 2025. R200 000 of the loan will be repaid to VIP bank during the financial year ended 31 December 2024. Accounts payable will be based on a payment period of 54.75 days. Credit purchases for 2024 are expected to amount to R5 700 000. The cash balance must be calculated (balancing figure)