The bookkeeper of Kokoboom Traders prepared the following abridged statement of financial position for the entity as at 28 February 20.4: KOKOBOOM TRADERS Statement of financial position as at 28 February 20.4 ASSETS NS Land and building 400 000 Furniture 100 000 Inventories 50 000 Bank 30 000 580.000 EQUITY AND LIABILITEIS Share capital 310 000 Long-term borrowings 240 000 Payables 30 000 580 000 Additional information: 1. The land and buildings are encumbered by a 10% first mortgage bond of NS200 000. 2. The long-term borrowings consist of the mortgage bond of and a 15% bank loan. 3. The mortgage bond was incurred on 04 March 20.3 from Investec Bank and is annually repayable on 28 February in 10 instalments for N$20 000. No payments have been made on the loan. 4. The loan from the bank of N$ 60 000 was incurred on 31 December 20.1 and the capital amount is repayable on 31 December 20.6. Required: 1. Prepare the extracted statement of financial position for Kokoboom Traders as at 28 February 20.4 showing liabilities only. Comparative figures are required (6 marks) 2. Disclose only the item long-term borrowing in the notes to the statement of financial statements as at 28 February 20.4. (4 marks)