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RUESTON FNE [10] Stepping Stones Limited owne and manages retirement homes. The company has a 31 December yoar and. On the 1tt of July 2020 , Stepping Stones Limited purchased a new coach to transport residents on outings. The cost of the coach was R250 000. It is depreciated on a straight-line basis over its estimated useful life of five years and with an estimated residual value of R25 000 . No significant parts were identified. The tax deductions are calculated at 20% on cost. To finance the purchase of the coach, the company raised a loan of R250 000 at an interest rate of 5% per annum, payable annually in arrears. The loan is repayable on 31 December 2022. While preparing the draft financial statements for the year ended 31 December 2021, the financial director discovered that the purchase of the coach and the related loan were NOT recorded in the financial statements for the ended 31 December 2020. The tax submissions were also incorrect in that the tax deductions had not been claimed. The omission is considered to be material. The following is an extract from the published statement of comprehensive income for the year ended 31 December 2020 and from the draf statement of comprehensive income for the year ended 31 December 2021 . The effect of the omission has not been incorporated into the draft financial statements for the yeat ended 31 December 2021. Tax related information - The corporate tax rate is 28% There are no temporary dilferences relating to the coach Requirad To the extent possible, prepare an extract of the statement of comprehensive income of stepping Stones Limited lor the year ended 31 December 2021, in accordance with International Financial Reporting Standards. Comparative smounts are required. END OF QUESTION PAPER RUESTON FNE [10] Stepping Stones Limited owne and manages retirement homes. The company has a 31 December yoar and. On the 1tt of July 2020 , Stepping Stones Limited purchased a new coach to transport residents on outings. The cost of the coach was R250 000. It is depreciated on a straight-line basis over its estimated useful life of five years and with an estimated residual value of R25 000 . No significant parts were identified. The tax deductions are calculated at 20% on cost. To finance the purchase of the coach, the company raised a loan of R250 000 at an interest rate of 5% per annum, payable annually in arrears. The loan is repayable on 31 December 2022. While preparing the draft financial statements for the year ended 31 December 2021, the financial director discovered that the purchase of the coach and the related loan were NOT recorded in the financial statements for the ended 31 December 2020. The tax submissions were also incorrect in that the tax deductions had not been claimed. The omission is considered to be material. The following is an extract from the published statement of comprehensive income for the year ended 31 December 2020 and from the draf statement of comprehensive income for the year ended 31 December 2021 . The effect of the omission has not been incorporated into the draft financial statements for the yeat ended 31 December 2021. Tax related information - The corporate tax rate is 28% There are no temporary dilferences relating to the coach Requirad To the extent possible, prepare an extract of the statement of comprehensive income of stepping Stones Limited lor the year ended 31 December 2021, in accordance with International Financial Reporting Standards. Comparative smounts are required. END OF QUESTION PAPER