(29 Marks 53 minutes) QUESTION 3 Tha following information was taken from the accounting records of Juta Lid and is presented to yout: Authorized share capital 800 000 ordinary shares of NS 1 eaclh Nt 500 000 preference sheres of no par value (fixed annual divicend of 15 per share) X45 00redaemable preference shares of no par value (fixsd annual divicend of 10R per sare) Balances on 01 October 20.9: Ordinary share capital Preference share capital Redeemable preference share capital Share premium Retained earnings Revaluation reserve Asset replacement roserve Land The shares were issued as follows: 360 000 75 0 400 00O 95 000 42 000 20 000 810 000 On 30 November 20.8, 360 000 ordinary shares were issued at N$ 1,80 each and 200 000 redeemable preference shares were issued at N 2 each. The redemption date has been established on the daie the shares weresed, The preference shares were issued during January 20.7 at a price of N$ 1.50 per share Additional information: i, /t was decided to convert the par value shares into no par value shares on 01 October 2. On 01 July 20.1o, 150 000 ordinary shares were offered to the public at N$ 2,00 oach 20.9 to be in line with companies incorporated under the Companies Act 71 of 2008 and 200 000 preference shares at N$ 2,80 each. On the closing date for the appiications on 31 July 20.10, applications for 160 000 ordinary shares and 180 000 preference shares were received. The maximum amount of shares were allotted and the unsuccessful applicants were refunded The following were provisional income tax payments, during the year, for the year ended 30 September 20.10: 3. First payment NS 75 000 Second payment, N$ 90 000 4. The profit before tax for the year ending 30 September 20.10 amounts to NS 700 000 Provision needs to be made for income tax at a rate of 28% for companies. Assume thai