Below is the trial balance for Fordhaver Co at 31 December 2020: SAR'000 SAR'000 8,000 1,900 1400 20,000 3,000 800 4% Convertible loan notes (note (0) Cost incurred on contract to date (note (0) Cash received from contract customer (note()) Ordinary shares SAR1 at 1 January 2020 (note() Other components of equity [OCEJ (Share premium) at 1 January 2020 (note) Revaluation surplus at 1 January 2020 (note vl) Property - carrying amount 1 January 2020 (note (iv)) Retained earings at 1 January 2020 Draft profit for the year ended 31 December 2020 Dividends paid Inventories (note (V) Trade receivables Cash Current liabilities 18,000 6,270 2.250 3,620 4,310 5,510 10.320 1,940 43,660 43.660 The following notes are relevant: On 1 January 2020. Fordhaver Co issued 80,000 SAR100 4% convertible loan notes The loan notes can be converted to equity shares on 31 December 2022 or redeemed at par on the same date. An equivalent loan without the conversion rights would have required interest of 6% Interest is payable annually in arrears on 31 December each year. The annual payment has been included in finance costs for the year. The present value of one Saudi Riyal (SAR1) receivable at the end of each year, based on discount rates of 4% and 6% are: 4% 6% End of year 1 0.962 0.943 End of year 2 0.925 0.890 End of year 3 0.889 0840 ) During the year, Fordhaver Co entered into a contract to construct an asset for a customer satisfying the performance obligation over time. The contract had a total price of SAR14m. The costs to date of SAR1.9m are included in the above trial balance. Costs to complete the contractare estimated at SAR7.1m. At 31 December 2020, the contract is estimated to be 40% complete. To date, Fordhaver Co has received SAR14m from the customer and this is shown in the above trial balance (1) Fordhaver Co made a 1 for 5 bonus issue on 31 December 2020. I share for every 5 shares), which has not yet been recorded in the above trial balance. Fordhaver Co intends to utilise the share premium as far as possible in reco the bonus issue (iv) Fordhaver Co's property had previously been revalued upwards, leading to the balance on the revaluation surplus at 1 January 2020 The property had a remaining life of 25 years at 1 January 2020. At 31 December 2020, the property was valued at SAR16m. No entries have yet been made to account for the current year's depreciation charge of the property valuation at 31 December 2020. Fordhaver Co does not make an annual transfer from the revaluation surplus in respect of excess depreciation V) it has been discovered that inventory totaling SARO.39m had been omitted from the final inventory count in the above trial balance Required: Calculate the adjusted profit for Forshaver Co for the year ended 31 December 2020 Below is the trial balance for Fordhaver Co at 31 December 2020: SAR'000 SAR'000 8,000 1,900 1400 20,000 3,000 800 4% Convertible loan notes (note (0) Cost incurred on contract to date (note (0) Cash received from contract customer (note()) Ordinary shares SAR1 at 1 January 2020 (note() Other components of equity [OCEJ (Share premium) at 1 January 2020 (note) Revaluation surplus at 1 January 2020 (note vl) Property - carrying amount 1 January 2020 (note (iv)) Retained earings at 1 January 2020 Draft profit for the year ended 31 December 2020 Dividends paid Inventories (note (V) Trade receivables Cash Current liabilities 18,000 6,270 2.250 3,620 4,310 5,510 10.320 1,940 43,660 43.660 The following notes are relevant: On 1 January 2020. Fordhaver Co issued 80,000 SAR100 4% convertible loan notes The loan notes can be converted to equity shares on 31 December 2022 or redeemed at par on the same date. An equivalent loan without the conversion rights would have required interest of 6% Interest is payable annually in arrears on 31 December each year. The annual payment has been included in finance costs for the year. The present value of one Saudi Riyal (SAR1) receivable at the end of each year, based on discount rates of 4% and 6% are: 4% 6% End of year 1 0.962 0.943 End of year 2 0.925 0.890 End of year 3 0.889 0840 ) During the year, Fordhaver Co entered into a contract to construct an asset for a customer satisfying the performance obligation over time. The contract had a total price of SAR14m. The costs to date of SAR1.9m are included in the above trial balance. Costs to complete the contractare estimated at SAR7.1m. At 31 December 2020, the contract is estimated to be 40% complete. To date, Fordhaver Co has received SAR14m from the customer and this is shown in the above trial balance (1) Fordhaver Co made a 1 for 5 bonus issue on 31 December 2020. I share for every 5 shares), which has not yet been recorded in the above trial balance. Fordhaver Co intends to utilise the share premium as far as possible in reco the bonus issue (iv) Fordhaver Co's property had previously been revalued upwards, leading to the balance on the revaluation surplus at 1 January 2020 The property had a remaining life of 25 years at 1 January 2020. At 31 December 2020, the property was valued at SAR16m. No entries have yet been made to account for the current year's depreciation charge of the property valuation at 31 December 2020. Fordhaver Co does not make an annual transfer from the revaluation surplus in respect of excess depreciation V) it has been discovered that inventory totaling SARO.39m had been omitted from the final inventory count in the above trial balance Required: Calculate the adjusted profit for Forshaver Co for the year ended 31 December 2020