You are given the following statement of comprehensive income for the year ended 31 December 2017, drafted before adjusting the effects of the change in estimate described in the additional information Linusite Limited Draft statement of Comprehensive income

Linusite LIMITED

DRAFT STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017

2017	2016
Profit before taxation	500 000	650 000
Income tax expense	(180 000)	(300 000)
Profit for the year	320 000	350 000
Other comprehensive income	0	0
Total comprehensive income	320 000	350 000

Linusite limited owns vehicles (its only item of property, plant, and equipment) the original details of which are shown below

Cost N$ 600 000

Purchase date 01/01/2014

Estimated useful life (estimated on the date of purchase) 8 Years

Depreciation to nil residual value Straight-line

On 1 January 2017, the total useful life was revised to six years. The company uses the re-allocation method to account for changes in estimates. The statement of comprehensive income had been drafted after accounting for depreciation based on the previous estimate. The corporation tax rate is 30

Required

1. Prepare the necessary journal entries assuming that depreciation had already been processed in the 2017 accounting records based on the old estimate.
2. Prepare the notes to the financial statements of Linusite Limited for the year ended 31 December 2017 in accordance with international financial reporting standards ( include both the statement of compliance and the property, plant and equipment accounting policy note)
3. Prepare the statement of comprehensive income of Linusite Limited for the year ended 31 December 2017 in accordance with international financial reporting standards.
4. Disclose property, plant, and equipment in the statement of financial position of Linusite Limited as of 31 December 2017 in accordance with international financial reporting standards.