Use the information provided below to prepare the following financial statements of ART Limited for the year ended 28 February 2023: 4.1 Statement of Comprehensive Income 4.2 Statement of Changes in Equity INFORMATION The following information was obtained from the accounting records of ART Limited for the year ended 28 February 2023: ART LIMITED EXTRACT OF THE TRIAL BALANCE AS AT 28 FEBRUARY 2023 Ordinary share capital 7% Preference shares (500 000 shares issued at R2 each) Purchases Carriage on purchases Retained earnings (01 March 2022) Sales Sales returns Selling and administration expenses Company tax paid Interest on loan 1. Interim ordinary dividends paid Inventory (01 March 2022) Additional information and adjustments Inventory on 28 February 2023 was valued at a selling price of R600 000. The inventory was priced at cost plus 50% The assessment from SARS for the year ended 28 February 2023 revealed that an amount of R43 000 was owed for company tax. 2 (14 marks) (6 marks) 3. 5 R 4 000 000 1 000 000 8 000 000 20 000 2 400 000 19 000 000 200 000 7 000 000 900 000 12 000 80 000 800 000 The ordinary share capital consisted of 1 500 000 shares of which 1 000 000 have been issued at R4 each. No shares were sold during the financial year ended 28 February 2023. A final dividend of 9 cents per ordinary share was declared Provide for dividends on the preference shares.

1. Inventory on 28 February 2023 was valued at a selling price of R600000. The inventory was priced at cost plus 50%. 2. The assessment from SARS for the year ended 28 February 2023 revealed that an amount of R43 000 was owed for company tax. 3. The ordinary share capital consisted of 1500000 shares of which 1000000 have been issued at R4 each. No shares were sold duning the financial year ended 28 February 2023 4. A final dividend of 9 cents per ordinary share was declared. 5 Provide for dividends on the preference shares