Sifiso owns a general dealer store in his home town of Ixopo for the last 3 years. He is considering expanding his business but wants to first assess the stores annual financial statements for the year ended 31 December 2022. The following pre-adjustment trial balance was taken from the accounting records at financial year end 31 December 2022: Debit R Credit R Capital Sifiso 136 230 Drawings 30 000 7% Long term Borrowing 45 000 Trade Payable 43 750 Vehicles at cost 280 000 Accumulated depreciation: Vehicles 93 750 Inventory 1 January 2022 45 000 Trade receivables 55 000 Allowance for credit losses 3 000 Bank 17 000 Sales 712 500 Sales returns and allowances 9 500 Purchases 325 000 Purchases returns and allowances 15 000 Commission income 11 000 Bank charges 12 000 Credit losses 9 000 Franchise fee paid 42 000 Electricity and water 41 000 Interest on borrowing 1 730 Rent expense 52 000 Settlement discounts granted 3 000 Salaries 138 000 1 060 230 1 060 230 5 Additional information: 1. Inventory of trading stock at 31December 2022 was valued at R105 000. 2. A debtors account of R500 must be recorded as ir-recoverable. The allowance for credit losses must be increased by R1 000. 3. Commission income of R1 350 has been earned but not yet received nor recorded. 4. The long term borrowing was entered into on 1 January 2022 at a fixed interest rate of 7% per year for a fixed period of five (5) years. Interest for the current year needs to be brought up to date. 5. Rent of R4 000 for the month of January 2023 has already been paid and is included in the rent expense shown in the above trial balance. 6. The December 2022 electricity and water account of R3 850 was received and paid on 18 January 2023. This account is yet to be included in the above records. 7. 8. Vehicles must be depreciated on the fixed instalment method. Vehicles have an estimated useful life of 8 years. The vehicles have a residual value of R30 000. Sifiso usually accounts for the settlement discounts in accordance with the latest International Financial Reporting Standards (IFRS). Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2022 for Sifisos general dealers. Use a format that is recommended in the International Financial Reporting Standards (IFRS)