REQUIRED Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the information given below. INFORMATION The financial position of Remo Limited as at 31 December 2022 is reflected in the following statement: REMO LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 R ASSETS Non-current assets 1 500 000 Property, plant and equipment 1 350 000 Other non-current assets 150 000 Current assets 11 500 000 Inventories 7 000 000 Accounts receivable 2 700 000 Cash and cash equivalents 1 800 000 Total assets 13 000 000 EQUITY AND LIABILITIES Equity 4 100 000 Ordinary share capital (1 200 000 shares) 2 350 000 Retained earnings 1 750 000 Non-current liabilities 900 000 Mortgage bond 900 000 Current liabilities 8 000 000 Accounts payable 2 250 000 Other current liabilities 5 750 000 Total equity and liabilities 13 000 000 Additional information: Operations for 2023 were projected using the following working assumptions: All sales are on credit and are expected to amount to R10 000 000. The profit margin (net profit margin) is expected to be 10%. Old equipment with a cost price of R200 000 and accumulated depreciation of R150 000 is expected to be sold for R60 000. New equipment with a cost price of R500 000 will be purchased to replace it. Depreciation is expected to be R300 000 for the year. Other non-current assets remain unchanged. Inventories are expected to be 10% higher than in 2022. Accounts receivable would be based on a collection period of 73 days. A cash balance of R1 750 000 is desired. The ordinary share capital balance is expected to remain unchanged. Dividends of 50 cents per share are expected to be paid during 2023. Mortgage bond payments amounting to R190 000 including interest of R90 000 are expected to be made. Accounts payable are forecasted to be 20% of sales. Other current liabilities will be allowed to fluctuate with seasonal needs (balancing figure).