REQUIRED Use the information provided below to prepare the Statement of Comprehensive Income for the year ended 29 February 2020. Use the following format as a guide: Statement of Comprehensive Income format Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year DURAVIT TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) 1 255 000 80 000 900 000 680 000 500 000 380 000 160 000 Balance Sheet accounts section Capital Drawings Land and buildings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Fixed deposit: Sen Bank (6% p.a.) Trading inventory Debtors control Provision for bad debts Bank Cash float Creditors control Mortgage loan: Sen Bank (12% p.a.) 150 000 115 000 130 000 8 000 67 000 6 000 110 000 320 000 1 500 000 Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Bad debts Stationery Rates and taxes Motor expenses Repairs to building Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Interest on fixed deposit Rent income 480 000 10 000 419 000 12 000 20 000 58 000 90 000 17 000 38 000 46 000 8 000 20 000 33 000 6 000 140 000 3 879 000 3 879 000 Adjustments and additional information 1. The electricity and water account for February 2020, R4 000, was due to be paid on 03 March 2020 2. A debtor, P. Smith, was declared insolvent. His insolvent estate paid R600 which represented 40% of his debt. The balance of his account must now be written off. 3. Stocktaking on 29 February 2020 revealed the following inventories: 3.1 Trading inventory R110 000 3.2 Stationery R2 000 4. The provision for bad debts must be decreased by R1 500. 5. Rent has been received up to 30 April 2020. 6. The insurance total includes an annual premium of R6 000 that was paid for the period 01 September 2019 to 31 August 2020. 7. Provide for outstanding interest on the mortgage loan for February 2020. 8. Provide for outstanding interest on fixed deposit. The investment in fixed deposit was made on 01 June 2019. 9. The credit purchase of tyres for a motor vehicle was not recorded, R5 000 10. Provide for depreciation as follows: 10.1 On equipment at 10% p.a. on cost. 10.2 On vehicles at 20% p.a. using the diminishing balance method