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Watson Limited is a retailer listed on the NSE Securities Exchange's AltX Listing. The trial balance of the company at 29 February 2020 is shown below: The following information is relevant: - The authorised share capital comprises 10000000 ordinary shares of no par value. 1000000 shares were issued at N$1 on 30 November 2019 . - The land and buildings are used tor the supply of goods and for administration purposes. The buildings were revalued on 29 February 2020 to fair value of N$6720000. This represented an increase of N$160000 over the previous carrying amount. This has already been processed. - All property, plant and equipment are depreciated using the straight-line method. - The building is 320 square metres in area, of which 180 square metres are used for the warehouse and the remaining 140 square metres is used as the company head-office. - The equipment consists of items used in the despatch area and office equipment. The office equipment accounts for 40% of the depreciation of equipment and the balance relates to depreciation of the equipment used in the despatch area. - N$570000 of the salaries and wages relates to the employees hired in the despatch area and N$642000 relates to employees employed in the head office. - Postage and packaging for purpose of safe transport relates purely to the despatch area. - Telephone expenses of N$27000 were incurred during the year. Of this, N$15000 was incurred in the despatch department and N$12000 was incurred in the head-office. - Electricity of N$51000 was incurred during the year. Of this, N\$35000 was incurred in the despatch department and N$16000 was incurred in the headoffice. - Dividends of N$100000 were declared on 18 March 2019 in respect of the year ended 28 February 2019 . Dividends of N$150000 were declared on 15March 2020 in respect of the year ended 29 February 2020. - The tax expense for the year has been correctly calculated at N$353220. - Watson Ltd classify their expenses according to the function of expenses method. REQUIRED: 1) Prepare the statement of profit or loss and other comprehensive income of Watson Limited for the year ended 29 February 2020 in conformity with International Financial Reporting Standards. (10 marks) 2) Prepare the statement of tinancial position of Watson Limited for the year ended 29 February 2020 in conformity with International Financial Reporting Standards. Comparative figures are required were information is available. (8 marks) 3) In so far as information is available, prepare the following notes to the financial statements for the year ended 29 February 2020 in conformity with International Financial Reporting Standards. (7 marks) a) Statement of compliance b) Accounting policies c) Property, plant and equipment. d) Share capital