QUESTION $4(20$ MARKS$)$ REQUIRED Use the information provided below to prepare the following for Morkel Enterprises: $4\mathrm{.}1$ Pro Forma Statement of Comprehensive Income for the year ended $31$ December $2025.(8$ marks$)4\mathrm{.}2$ Pro Forma Statement of Financial Position as at $31$ December $2025.(12$ marks$)$ INFORMATION Morkel Enterprises$$ Statement of Comprehensive Income for its first year of operations, ended $31$ December $2024,$ and its Statement of Financial Position as at $31$ December $2024$ are shown below: Statement of Comprehensive Income for the year ended $31$ December $2024$ R Sales $6000000$ Cost of sales $(3450000)$ Gross profit $2550000$ Variable selling and administrative expenses $(900000)$ Fixed selling and administrative expenses $(300000)$ Net profit $1350000$ Statement of Financial Position as at $31$ December $2024$ R ASSETS Non$-$current assets $1200000$ Property, plant and equipment $1200000$ Current assets $5100000$ Inventories $2400000$ Accounts receivable $900000$ Cash $18000006300000$ EQUITY AND LIABILITIES Equity $5640000$ Current liabilities $660000$ Accounts payable $6600006300000$ Additional information to prepare the budgets for $2025$: $1.$ The sales forecasts for $2025$ are as follows: First quarter R$1800000$ Second quarter R$2100000$ Third quarter R$1950000$ Fourth quarter R$22500002.$ Seventy$-$five percent $(75\%)$ of the sales is collected in the quarter of the sale and $25\%$ is collected in the following quarter. $3.$ The gross margin ratio for $2024$ is expected to be maintained in $2025.4.$ Variable selling and administrative expenses will vary in the same ratio to sales as in $2024.5.$ Fixed selling and administrative expenses will remain the same as in $2024$ and it includes the annual depreciation of R$240000$ on property, plant and equipment $6.$ The amount owing to trade creditors must be calculated using the percentage$-$of$-$sales method. $7.$ The inventory balance at the end of each quarter is expected to remain the same as at the end of the last quarter of $2024$ viz. R$2400000.8.$ The cash balance must be calculated $($balancing figure$).9.$ Ignore taxation.