The following preadjustment trial balance was prepared for Astro Traders: ASTRO TRADERS EXTRACT OF PREADJUSTMENT TRIAL BALANCE AS AT 31 DEC 2022 31 DEC 2021 Capital 14 650 000 14 650 000 Loan: Premium Bank 1 439 600 2 150 000 Vehicles ? 1 546 000 Equipment at cost 722 000 722 000 Inventory 2 000 000 Debtors control 382 000 Allowance for credit losses ? 9 800 Sales ? Cost of sales ? Sundry expenses 88 000 Rent income 221 000 Salaries and wages 6 425 000 Depreciation (on vehicle sold) 41 250 Packaging material 45 800 Profit on sale of vehicle ? Credit losses 28 800 Drawings 672 000 Additional information: The markup achieved is 160% on cost. The correct gross profit is R14 881 600. Packing materials used during the financial year was R39 700. Received and recorded R9 750 from the insolvent estate of a debtor which paid out 65 cents in the rand. The remaining amount must be written off. Adjust the allowance for credit losses to R9 350. One of the employees was on sick leave and was omitted from the Salaries Journal for December 2022. The salary payable to this employee was R38 500. 23 2023 The Independent Institute of Education (Pty) Ltd 2023 Page 6 of 6 The premises have been rented out for the past five years. The rent receivable for January 2023 has been received and recorded. The monthly rental has remained the same for the last year. Loan: Wonder Bank o Provide for interest of R212 400 for the year ending 31 December 2022. This entry has not yet been processed. An old delivery vehicle was sold for R88 400 cash on 30 September 2022. This has been correctly recorded. Details of the delivery vehicle sold: o Cost price R198 000 o Accumulated depreciation on date of sale R115 500 Provide for depreciation as follows: o On vehicles at 25% p.a. on cost o On equipment: R90 500 Required: Q.4.1 Prepare the Statement of profit or loss and other comprehensive income of Astro Traders for the year ended 31 December 2022.