STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME The following information relates to Iball Industries: Pre-adjustment trial balance for the year ending 31 May 2020 R R Statement of financial position section Capital 615 231 Drawings 5 500 Land and buildings 353 000 Vehicles 145 560 Accumulated depreciation: Vehicles 30 560 Furniture and fittings 65 310 Accumulated depreciation: Furniture and fittings 9 310 Fixed deposit 110 000 Trading inventory (1 June 2019) 45 000 Debtors control 34 750 Bank 45 000 Creditors control 44 500 Statement of profit or loss and other comprehensive income section Sales 460 000 Purchases 310 000 Sales returns 13 500 Purchases returns 35 000 Rent income 39 900 Commission income 14 000 Advertising 18 530 Insurance 26 400 Interest expense 3 340 Stationery 11 643 Telephone 23 418 Water and electricity 37 550Additional information: 1. The entity uses the periodic system to record inventory. A physical stocktake was performed on 31 May 2020. The value of the stock on this date was R60 000. 2. The water and electricity account for the month of May 2020 amounts to R2 450. This has not yet been paid or taken into account. 3. During the first 7 months of the financial year the rent received from the tenant was R3 000 per month. On 1 January 2020, the rent was increased to R3 150 per month. The rent for June 2020 has already been received and banked. 4. Depreciation must be provided for as follows: Vehicles at a rate of 20% on cost Furniture and fittings at a rate of 10%, using the diminishing balance method 5. At year end, notification was received that a debtor owing R550 was declared insolvent and the debt should be written off. 6. After consideration of the trade receivables, it was decided to raise an allowance for credit losses at 10% of outstanding debtors. 7. Interest earned on the fixed deposit is 6% per annum. 8. The insurance premium for June 2020, R200, was already paid in May 2020. Required: Prepare the statement of profit or loss and other comprehensive income of Iball Industries for 1 248 501 1 248 501