Please help with the following accounting question from information provided:If Santiago Traders wants to sell Vehicle C on 31 May 2021 and make a profit on sale of the vehicle, how much should Santiago Traders sell the vehicle for? Provide calculations to support your answer Question 1The following balances appeared in the books of Santiago Traders on 1 March 2020:Land and Buildings900 000Vehicles250 000Machinery200 000Accumulated Depreciation on Vehicles?Accumulated Depreciation on Machinery?Additional information:A new building was purchased for cash on the 1$t September 2020 for R1 000 000.The vehicles balance at 1 March 2020 consists of two vehicles. Vehicle A with a cost price ofR120 000 was sold on the 31st October 2020 on credit to Miss Smith for R60 000. Thevehicle was purchased on the 31 May 2018. Vehicle B was purchased on the 1 March 2019.Purchased a new delivery vehicle (Vehicle C) for R345 000 on credit from N&N Motors on 1December 2020All machinery was purchased on the 30 April 2017The depreciation policy on non-current assets are as follows:Vehicles: 20% on cost using the straight-line method and no residual valueMachinery: 10% per annum using the diminishing balance method and no residualvalueIGNORE VATSantiago Traders has a 28 February year end

The total amount of a plant asset's cost that has been allocated to depreciation expenditure (or…

The following balances appeared in the books of Santiago Traders on 1 March 2020: Land and Buildings 900 000 Vehicles 250 000 Machinery 200 000 Accumulated Depreciation on Vehicles Accumulated Depreciation on Machinery ?

The following balances appeared in the books of Santiago Traders on 1 March 2020: Land and Buildings 900 000 Vehicles 250 000 Machinery 200 000 Accumulated Depreciation on Vehicles Accumulated Depreciation on Machinery ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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