QUESTION $3(50$ MARKS$)(75$ MINUTES$)$ SamApp Ltd manufactures smart televisions. The financial manager requires your assistance to prepare the financial statements for the reporting period ended $31$ March $2022.$ The following information is presented to you: $1.$ Due to the increase in demand for SamApp televisions, it was decided to construct an additional manufacturing plant. In order to finance the plant. A loan of R$2000000$ with BNF Bank was taken out on $1$ June $2019.$ Had it not been for the construction of the plant the loan would not have been obtained. Construction activities began on the $1$ August $2019.$ The construction of the plant was completed on $1$ January $2022.$ The plant was available for use on $1$ March $2022.$ The following expenditure relates to the manufacturing plant: R Purchase price as per invoice $($including VAT at $15\%)1725000$ Legal cost to draft the agreement to purchase the machine $($Excl VAT$)42000$ Expenditure incurred on the manufacturing plant $($Excl VAT$)53000$ Finance costs on the loan for the following periods are as follows: R $1$ June $2019-1$ January $20221134751$ August $2019-1$ January $20221150001$ August $2019-1$ March $2022118500$ Depreciation for the manufacturing plant is calculated using the straight line method over a period of $20$ years. The residual value of the plant amounts to R$150000.2.$ SamApp Ltd acquired a machine on $1$ April $2019.$ The machine is held under a lease agreement for $5$ years and is expected to have a useful life of $6$ years. Ownership is not expected to transfer to SamApp after the lease agreement. The effective interest rate is $15\%.$ The following correctly prepared information is provided: Instalment Interest Capital Balance R R R R $1$ April $201910000031$ March $20202983114999148328516831$ March $20212983112774170576811131$ March $20222983110216196154849631$ March $2023298317274225572593931$ March $202429831389225939-149155491551000003.$ SamApp current delivery vehicle has become too small and management have decided to sell the vehicle $1$ December $2021.$details regarding the delivery vehicle are as below R Cost $4000000$ Accumulated depreciation $($at $1$ April $2021)1110000$ Depreciation per the diminishing balance method $15\%$ per annum