Onora Limited prepares its financial statements to 31 December each year. On 1 January 2017, Onora Limited entered into a contract with a construction company to build a new distribution depot for the company at a cost of €15 million. In order to finance the contract, Onora Limited borrowed €15 million at an interest rate of 6% per annum. While the depot was expected to be completed by 31 March 2018, delays were incurred as a result of extremely inclement weather during the period 1 December 2017 to 28 February 2018, during which no construction work was possible. During this period, however, the directors of Onora Limited invested the surplus funds, earning interest of €24,000. The distribution depot was completed on 31 May 2018 and Onora Limited repaid the loan in full on 30 June 2018.

Requirement [Ilustrate how Onora Limited should reflect the above in its 2017 and 2018 financial statements.