Needy Ltd contracted with its bank to raise a loan on 1 January 2020 on the following terms: Nominal amount of Loan:Rs1,100,000 Issue costs payable upfront: Rs100,000 One time repayment of Rs1,331,000 on 31 December 2022. The nominal rate of interest is 6.5% per annum. The draft financial statements for the year 2020 tabled at the Audit Committee revealed the following: i. Issue costs of Rs100,000 had been expensed to the profit or loss ii. Interest costs of Rs71,500 (i.e. 6.5% of Rs1,100,000) had been expensed to the profit or loss and classified as current liabilities. iii. The loan of Rs1,100,000 appears as a non-current