1 (20 Marks) INFORMATION: Sebata Limited Statement of Comprehensive Income for the year ended 31 December 2023 R Sales 1 400 000 Cost of sales (812 000) Gross profit 588 000 Depreciation (82 000) Other Expenses (198 800) Profit before tax 307 200 Income tax (28%) (86 016) Profit after tax 221 184 Sebata Limited Statement of Financial Position as at 31 December 2023 R ASSETS Non-current assets 1 198 000 Plant and machinery 1 198 000 Current assets 504 000 Inventories 210 000 Accounts receivable 168 000 Cash and cash equivalents 126 000 Total assets 1 702 000 EQUITY AND LIABILITIES Equity 1 195 984 Ordinary share capital (800 000 shares at R1 each) 800 000 Retained earnings 395 984 Long term liability 130 000 Current liabilities 376 016 Accounts payable 280 000 South African Revenue Services 80 416 Current portion of long term borrowings 15 600 Total equity and liabilities 1 702 000 Additional information: 1. Sales for 2024 is expected to increase to R1 540 000. 2. The gross profit percentage for 2024 will be the same as in 2023. 3. Other expenses will increase by 10% 4. The company will pay company taxation in 2024 at 27%. 5. The company will purchase plant and machinery in 2024 totalling R200 000. Depreciation for 2024 will total R92 000. 6. The following will be projected using the percentage of sales method in 2024: a. Inventories b. Accounts receivable c. Accounts payable 7. The cash balance will remain unchanged for 2024. 8. 200 000 ordinary shares will be issued at R1 each in February 2024. 9. R20 000 of the long-term loan will be payable by December 2025. 10. The amount owing to South African Revenue Services on 31 December 2023 will be paid in February 2024. The taxation payable for 2024 will be paid in March 2025. 11. Dividends of 20 cents per ordinary share will be declared on 31 December 2024. These dividends will be paid in February 2025. 12. Any surplus funds will be invested in long term financial investments. REQUIRED: 1.1 Compile the budgeted Statement of Comprehensive Income of Sebata Limited for the year ended 31 December 2024. (6 Marks) 1.2 Compile the budgeted Statement of Financial Position as at 31 December 2024. (14 Marks)