QUESTION 4 20 MARKS REQUIRED Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the information given below. INFORMATION The financial position of Remo Limited as at 31 December 2022 is reflected in the following statement: Additional information: Operations for 2023 were projected using the following working assumptions: - All sales are on credit and are expected to amount to R10 000000 . - The profit margin (net profit margin) is expected to be 10%. - Old equipment with a cost price of R200 000 and accumulated depreciation of R150 000 is expected to be sold for R60000. New equipment with a cost price of R500 000 will be purchased to replace it. - Depreciation is expected to be R300000 for the year. - Other non-current assets remain unchanged. - Inventories are expected to be 10% higher than in 2022 . - Accounts receivable would be based on a collection period of 73 days. - A cash balance of R1 750000 is desired. - The ordinary share capital balance is expected to remain unchanged. - Dividends of 50 cents per share are expected to be paid during 2023. - Mortgage bond payments amounting to R190 000 including interest of R90 000 are expected to be made - Accounts payable are forecasted to be 20% of sales. - Other current liabilities will be allowed to fluctuate with seasonal needs (balancing figure)