Joel Mabena is the sole owner of a general dealer business, Joel's Bargains. The following information was provided for the year ended 31 December 2020: Joel's Bargains Trial halanca as at 31 Decemhar 2020 Additional information: 1. On 31 December 2020 stationery of R1 000 and trade goods of R143 400 were on hand. 2. Sifiso took out a fire insurance policy on 1 October 2020 and paid the annual premium of R6 000 for insurance cover until 30 September 2021. 3. Employee salaries of R7 000 were not yet paid nor recorded at 31 December 2020 . 4. A new tenant moved into office space available for rent on 1 September 2020 and prepaid the rent for 12 months until 31 August 2021. No deposit was required. The rent remained unchanged for the 12 month period. 5. The fixed deposit was invested for 5 years and matures on 31 December 2024 . Interest on the investment is provided for at 12% per year. 6. Provide for depreciation of equipment at 20% per year on the diminishing balance method. No equipment was bought during the year but equipment was sold on 2 January 2020. The sale was correctly recorded in the above accounting records. 7. Credit losses (bad debts) of R600 must be written off as irrecoverable. Thereafter, adjust the allowance for credit losses (provision for bad debts) to 5% of outstanding debtors. 8. Long term borrowings of R100000 was obtained from ABC Finance on 1 July 2018 . The borrowing bears interest at 14% per year and the capital is repayable by five equal annual instalments with the first instalment payable on 30 June 2020 . The first instalment was duly paid on 30 June 2020 . Interest for the current year needs to be updated. 9. Sundry expenses include security fees of R2 200 that have been paid for January 2021. Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2020 to comply with the requirements of International Financial Reporting Standards (IFRS) appropriate to Joel's Bargains business. Show all workings