Below is the trial balance for Havelt Co at 31 December 2020: SAR'000 SAR'000 Convertible loan notes note (1) 4,000 Cost incurred on contract to date (note (*) 950 Cash received from contract customer (note >> 700 Ordinary shares SAR1 at 1 January 2020 10.000 Share premium at 1 January 2020 1.500 Revaluation surplus at 1 January 2020 (notes) 400 Property - carrying amount 1 January 2020 (note () 9,000 Retained earnings at 1 January 2020 3,135 Draft profit for the year ended 31 December 2020 1.125 Dividends paid 1,810 Inventories (note (iv)) 2.155 Trade receivables 2.755 Cash 5.160 Current liabilities 21,830 21 830 The following notes are relevant 6) Haveit Co issued 40,000 short-term bridge facility loan notes SAR100 on 1 January 2020. The interest rate on the loan is 6%. 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 8.5%. 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 6% and 8.5% are: 970 End of year 1 End of year 2 End of year 3 6% 8.5% 0.943 0.922 0.890 0.849 0.840 0.783 (0) Havelt Co entered into a 7.9 milion Saudi Riyals contract to construct a building for a customer. The company began the work with satisfying the performance obligation during 2020. The costs to date of SAR950 are included in the above trial balance. Costs to complete the contract are estimated at SAR7.1m. At 31 December 2020, the contract is estimated to be 40% complete. To date, Haveit Co has received SAR700 from the customer and this is shown in the above trial balance (1) Haveit 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 SAR8m. No entries have yet been made to account for the current year's depreciation charge or the property valuation at 31 December 2020. Havelt Co does not make an annual transfer from the revaluation surplus in respect of excess depreciation (iv) it has been discovered that inventory totalling SARO.939m had been omited from the final inventory count in the above trial balance Required: Calculate the adjusted profit for Haveit Co for the year ended 31 December 2020. Show the working of your answers r Below is the trial balance for Havelt Co at 31 December 2020: SAR'000 SAR'000 Convertible loan notes note (1) 4,000 Cost incurred on contract to date (note (*) 950 Cash received from contract customer (note >> 700 Ordinary shares SAR1 at 1 January 2020 10.000 Share premium at 1 January 2020 1.500 Revaluation surplus at 1 January 2020 (notes) 400 Property - carrying amount 1 January 2020 (note () 9,000 Retained earnings at 1 January 2020 3,135 Draft profit for the year ended 31 December 2020 1.125 Dividends paid 1,810 Inventories (note (iv)) 2.155 Trade receivables 2.755 Cash 5.160 Current liabilities 21,830 21 830 The following notes are relevant 6) Haveit Co issued 40,000 short-term bridge facility loan notes SAR100 on 1 January 2020. The interest rate on the loan is 6%. 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 8.5%. 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 6% and 8.5% are: 970 End of year 1 End of year 2 End of year 3 6% 8.5% 0.943 0.922 0.890 0.849 0.840 0.783 (0) Havelt Co entered into a 7.9 milion Saudi Riyals contract to construct a building for a customer. The company began the work with satisfying the performance obligation during 2020. The costs to date of SAR950 are included in the above trial balance. Costs to complete the contract are estimated at SAR7.1m. At 31 December 2020, the contract is estimated to be 40% complete. To date, Haveit Co has received SAR700 from the customer and this is shown in the above trial balance (1) Haveit 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 SAR8m. No entries have yet been made to account for the current year's depreciation charge or the property valuation at 31 December 2020. Havelt Co does not make an annual transfer from the revaluation surplus in respect of excess depreciation (iv) it has been discovered that inventory totalling SARO.939m had been omited from the final inventory count in the above trial balance Required: Calculate the adjusted profit for Haveit Co for the year ended 31 December 2020. Show the working of your answers r