2 (27 marks) SendIT Limited is a courier company that delivers parcels for a wide variety of clients. The company has a 31 March year-end and the current year end is 31 March 2022. The following is an extract from the asset register of SendIT Limited: Depreciation rate 5% p.a. On 31 March 2021 Cost Carrying amount Office building R3 000 000 R2 100 000 Courier vehicles R1 200 000 R720 000 20% p.a. Office equipment R250 000 R175 000 10% p.a. On 31 March 2022 Cost Carrying amount Office building R3 000 000 R1 950 000 Courier vehicles R1 200 000 R480 000 Office equipment R250 000 R125 000 Depreciation rate 5% p.a. 20% p.a. 10% p.a. SendIT Limited uses the straight-line depreciation method on all classes of assets, and the residual value on all assets is insignificant. At the end of the current financial year, the company went through an exercise to review their fixed asset register to ensure its accuracy and correctness. During the review, the following was noted: Courier vehicles The courier vehicles are used to transport the parcels for client deliveries. These were all originally acquired on 1 April 2019. No sales or purchases of courier vehicles have happened since 1 April 2019. The review revealed that the depreciation rate used for the courier vehicles should be shorter than the original estimation in order to better reflect the usage of the vehicles. SendIT Limited, therefore, changed the depreciation rate used for the courier vehicles from the 20% p.a. to 25% p.a., according to the straight-line method. Air conditioners The review also revealed that the air conditioners purchased and installed in the office building on 1 March 2021 were incorrectly recorded. The previous accountant ex- pensed the costs of R120 000 as repairs and maintenance in the Statement of Profit or Loss and Other Comprehensive Income of SendIT Limited for the financial year ended 31 March 2021. Depreciation on the air conditioners would be at 10% p.a. General information The profit before tax in the company's draft Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2022 amounted to R552 500. You can assume that the company accounted for all the necessary transactions in their 31 March 2022 accounting records, except for the correct treatment of the courier vehicles and air conditioners. Therefore, SendIT Limited has not yet accounted for the correct treatment of the courier vehicles or air conditioners in their 31 March 2022 accounting records, including the fixed asset register presented above. You can assume that all amounts are material. Assume a South African income tax rate of 28%. REQUIRED: 2.1) Calculate the correct profit before tax figure in the Statement of Profit or Loss and Other Comprehensive Income of SendIT Limited for the financial year ended 31 March 2022, considering all the above information. 2.2) (10 marks) Disclose the information above in the notes to the financial statements of SendIT Limited for the financial year ended 31 March 2022, according to the requirements of only IAS 8. Show all calculations. (17 marks)