Tandaveka Corporation, a limited company, prepares its annual financial statements at 31 December At 31 December 2019, the company's list of account balances were as follows: Revenue Purchases Inventories (1 Jan. 2019) Distribution costs Administrative expenses Debenture interest Rental income Land and building at cost Accumulated depreciation Land & building at 1 January 2019 Plant and equipment at cost Accumulated depreciation plant & equipment at 1 January 2019 Investment property at 1 January 2019 Trade receivables Cash and cash equivalents Ordinary share capital Share premium Retained earnings 1 January 2019 Interim dividend General reserve Trade payables 4 Debentures (redeemable in 2025) NS NS 2 655 000 1 669 000 444 000 514 000 345 000 3000 48 000 840 000 120 000 258 000 126 000 548 000 541 000 32 000 100 000 244 000 753 000 6 000 570 000 434 000 150 000 5 200 000 5200 000 Additional matters to be taken into account for the preparation of the financial statements for the year ended 31 December 2019. i. Inventory at 31 December 2019 amounted to N$ 388 000 at cost ii. On 1 January 2019, Omega Enterprises disposed of some malfunctioning equipment for NS 7000. The equipment had cost NS 15 000 and had accumulated depreciation brought forward at January 2019 of NS 3 000. There were no other additions or disposal to property, plant and equipment in the year. iii. The company treats depreciation on plant and equipment as a cost of sales and on land and buildings as an administrative cost. Depreciation rates as per the company's accounting policy are as follows: Buildings Straight line over 50 years Plant and equipment 20% reducing balance Omega Enterprises 's accounting policy is to charge a full year's depreciation in the year of an asset's purchase and none in the year of disposal. Omega Enterprises 's land and buildings were eight years old on 1 January 2019. iv. On 31 December 2019 the company revalued its land and buildings to NS 750 000 (including NS 100 000 for the land). V. The income tax charge for the year is estimated at NS 29 000. vi. Included in sales is NS 7000 pertaining to sale of equipment vii. Debenture interest is still outstanding. REQUIRED 1. Prepare the Statement of Profit or Loss and other comprehensive incomes for the year ended 31 December 2019 in accordance with International financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required). 2. Prepare the Statement of Financial Position as at 31 December 2019 in accordance with Interational financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required)