QUESTION $1(15$ marks$)$ You are a consultant working for an accounting advisory firm, Solutionz Inc. Your client, Energy Ltd$,$ prepared the following statement of financial position as at $31$ December $2024$: STATEMENT OF FINANCIAL POSITION OF ENERGY LTD AS AT $31$ DECEMBER $2024$ Notes $2024$ Rand ASSETS Non$-$current assets $2700000$ Property, plant and equipment $480000$ Investment property $2220000$ Current assets $1815000$ Cash and cash equivalents $360000$ Trade receivables $1930000$ Inventory $480000$ Deferred tax $45000$ TOTAL ASSETS $4515000$ EQUITY AND LIABILITIES Equity attributable to owners $2039000$ Share capital $1220000$ Retained earnings $819000$ Non$-$current liabilities $1000000$ Long$-$term borrowings $210000003$ HFAC$231-1-$Jan$-$Jun$2025-$SA$1-$CP$-$V$3-08012025$ Current liabilities $1476000$ Trade payables $670000$ Allowance for credit losses $1240000$ Short$-$term borrowings $3500000$ Current tax payable $66000$ TOTAL EQUITY AND LIABILITIES $4515000$ Notes: $1.$ The allowance for credit losses was provided for in terms of the requirements of IFRS $9$ and relates to the lifetime expected credit losses for Energy Ltd$$s trade receivables. $2.$ The long$-$term borrowings relate to a loan of R$1000000$ that was obtained from AfriBank Ltd$.$ The loan is repayable over a period of $10$ years, with the first instalment of R$150000$ payable on $30$ June $2025.3.$ The short$-$term borrowings relate to a loan of R$500000$ that was obtained from NeoBank Ltd on $1$ October $2024.$ Per the loan agreement the loan is repayable in full on $30$ September $2025.$ The terms of the loan agreement, however, also give Energy Ltd the option to extend the repayment date to $31$ March $2026.$ On $31$ December $2024,$ Energy Ltd entered into negotiations with NeoBank Ltd to extend the repayment date as per the loan agreement. REQUIRED: Discuss, in terms of IAS $1$: Presentation of Financial Statements, the presentation and classification issues relating to the statement of financial position of Energy Ltd as at $31$ December $2024.$ Your feedback should include any incorrect presentation and classification, as well as the suggested figures and corrections of the errors noted, where applicable. You can assume that the note disclosure per line item, where applicable, has been done correctly. $(14$ marks$)$ Communication skill: Clarity of expression $(1$ mark$)$