Please see attachmentPurchase of motorcycles Kelebogile Ltd, a motorcycle retailer which operates in Johannesburg, ordered 40 new top - of - the - range motorcycles form China on 1 November 2013. The motorcycles were received in Durban on 1 January 2014. The invoice price of the motorcycles was R50 000 each (before a trade discount of 20%) and is payable on 28 February 2015. The following cash costs regarding the purchase were : R Freight and insurance 70 000 Customs duty 17 0 000 Cartage to Johannesburg 100 000 Sale of motorcycles 1. During the year ended 31 December 2014, 50% of the motorcycles were sold on credit by a salesman at R100 000 each. Sales commission of 5% was paid to the salesman. 2. On 1 January 2014 two m otorcycles were withdrawn from inventory and brought into use by Kelebogile Ltd in the ordinary course of the business . The two motorcycles are depreciated at 20% per annum on a straight line basis. Additional information Inventory is valued at the lower of cost and net realis able value on a first - in - first - out basis. REQUIRED: a ) Prepare the asset section of the statement of financial position as well as the statement of profit or loss and other comprehensive income of Kelebogile Ltd as at 31 December 2014 in accordance with the requirements of International Financial Reporting S tandards (IFRS). b ) Prepare the following notes in the annual financial statements of Kelebogile Ltd as at 31 December 2014 , in accordance with the requirements of International Financial Reporting Standards (IFRS). - Plant and equipment (motorcycles) ( PPE note) - Inventory - Profit before tax