Gogo Limited is a company that manufactures luxury cashmere jerseys. The following information relates to its financial year ended 30 June 20X2: - Land with a cost of R400 000 was sold for R400 000. No further sales of land took place. Land is not depreciated. Equipment was depreciated by R48 000 during the current period. No equipment was sold during the year. Vehicles were depreciated by R60 000 during the current period. No vehicles were sold during the year. The doubtful debt allowance was R5 640 at 30 June 20X2 and R6 133 at 30 June 20X1. The accounts. receivables balances reflected in the statement of financial position are reflected net of these allowances. 500 000 10% non-redeemable preference shares of no par value were issued at R0.55 per share on 5 September 20X1. Share issue costs of R2 300 were paid which are non-deductible. The debentures are measured at amortised cost using an effective interest rate of 18.2725377%. These debentures were issued in the prior year, on 1 July 20X0, at a premium of 6%, raising cash of R530 000. Each debenture has a nominal value of R100 and offers interest of 20% per annum, payable in arrears on 1 July each year. The debentures are redeemable on 30 June 20X6 at R100. A further loan of R100 000 was secured during 20X2. Interest on these loans are paid on 30 June each year. The summarised statement of comprehensive income, statement of changes in equity and statement of financial position for the 30 June 20X2 financial year are shown below: GOGO LIMITED SUMMARISED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30/06/20X2 ALL MONETARY AMOUNTS ARE EXPRESSED IN RANDS Revenue Cost of sales Operating expenses Finance cost Profit before tax Income tax expense 20X2 3 503 200 (2 450 000) (339 950) (136 268) 576 982 (177 888) Profit for the period Other comprehensive income Total comprehensive income GOGO LIMITED 399 094 0 399 094 EXTRACT FROM SUMMARISED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30/06/20X2 ALL MONETARY AMOUNTS ARE EXPRESSED IN RANDS Balance at 1 July 20X1 Total comprehensive income Transactions with share owners: Share issue costs Ordinary dividends paid Preference dividends paid Balance at 30 June 20X2 Retained earnings 360 755 399 094 (2 300) (225 000) (25 000) 507 549