The information given below was extracted from the accounting records of Solero Traders on 28 February 2023 , the end of the financial year. Analysis x Financial Reporting and Analys File | /home/chronos/u-eaad0060ae2b1220d8b007e2e46cd2df0b8bb7d0/MyFiles/Downloads/Financial\%20Reporting 20 dand\%20Analysi. \begin{tabular}{|l|r|r|} \hline Rent expense & 208000 & \\ \hline Motor expenses & 160000 & \\ \hline Bad debts recovered & 6000 & \\ \hline Telephone & 5600 & \\ \hline Electricity and water & 110000 & \\ \hline Bank charges & 22000 & \\ \hline Insurance & 48000 & \\ \hline Interest on mortgage loan & 85250 & \\ \hline Commission income & & \\ \hline \end{tabular} Adjustments and additional information 1. According to physical stocktaking on 28 February 2023 , the following were on hand: 1.1 Trading inventory, R622 000 1.2 Consumable stores, R2 000. 2. Rent has been paid up to 31 March 2023. 3. A debtor who owed R6 000 could not be traced. It was decided to write off his account. 4. The provision for bad debts must be increased to R14 400. 5. Provide for the outstanding interest on the mortgage loan for the last month of the financial year. The loan balance is expected to be reduced by R60000 in the next financial year by means of monthly repayments. 6. The insurance total includes an annual premium of R12 000 that was paid on 01 June 2022. 7. Bank charges which appeared on the February 2023 bank statement have not been recorded, R800. 8. On 28 February 2023 an amount of R1000 was received from P. Villers whose account was written off on 08 January 2023. No entry was made for this receipt. 9. A payment of R6 000 for the telephone account was erroneously debited to the drawings account. Correct the error. 10. A debtor whose account was overdue must be charged R200 interest. 11. R400 was paid from petty cash for wages to a temporary employee. No entry was made for this. 12. Provide for depreciation as follows: 12.1 On equipment at 10% on cost. 12.2 On vehicles at 20% per annum on the diminishing balance. 13. The net profit for the year ended 28 February 2023, after considering the above adjustments and additional information, was R561 600