QUESTION ONE $[25]$ The following information was extracted from the accounting records of Arnoldus Limited at $29$ February $2024$: Pre$-$adjustment trial balance as at $29$ February $2024$ Debit Land and buildings at cost Credit $5500000$ Vehicles at cost $1800000$ Vehicles: Accumulated depreciation Equipment at cost $8000001500000$ Equipment: Accumulated depreciation $11\%$ Fixed Deposit: Capitoc Bank $60000090000$ Inventory $75400$ Trade Receivables $64500$ Allowance for credit losses Bank $5000$ Ordinary Shares $34000$ Retained Earnings $700000$ Trade Payables $6306320$ Sales $150000$ Cost of Sales $1050000358770$ Salaries and wages $360000$ Credit losses $7500$ Rates $22000$ Insurance $38900$ Interest on fixed deposit Rent income $6750$ Depreciation $165000?98170709817070$ Additional information: $1.$ Physical stock take and subsequent valuation on a first$-$in$-$first$-$out basis revealed the value of inventory on hand as at $29$ February $2024$ was R$654002.$ A section of the property is rented out to Eliza Wellness Centre since $1$ March $2023$ at a monthly rental of R$15000.$ Rent for the year was received and recorded correctly. $3.$ The management of Arnoldus Limited has determined that the allowance for credit losses should be maintained at $10\%$ of carrying value Trade Debtors $4.$ The balance in the insurance account at $29$ February $2024$ includes an annual insurance premium of R$6000$ that was paid for the period $1$ June $2023$ to $31$ May $2024.5.$ Interest of R$3150$ is still receivable on the fixed deposit as at $29$ February $2024.6.$ Depreciation is still to be accounted for as follows: a$.$ Vehicles $$ straight line basis over $5$ years b$.$ Equipment $20\%$ on the diminishing balance method Required: Prepare the Statement of Comprehensive Income of Arnoldus Limited for the year ended $29$ February $2024$ to comply with the International Financial Reporting Standards. Comparative figures are not required. Show all workings.