3 (18 marks) Meatalicious Limited, a company with a 30 June 2020 year end, is a supplier of processed meat and meat related products. Meatalicious has several facilities (factories) where the meat products are processed. Meatalicious is growing rapidly due to the high demand for its products. New factory: Due to the rapid growth in the company, Meatalicious decided to expand its factory premises to process and produce more meat products. On 1 July 2019, Emile Vos, the Financial Director of Meatalicious Limited, signed an offer with Super Properties to purchase a factory for R1 500 000. The offer was accepted on 1 August 2019 at the offered price. The terms of the contract stated that the transfer of ownership of the property took place on 31 December 2019, on which date the factory was available for occunation hv Meatalicious Limited. The property was paid for in cash by Meatalicious Limited on the 31 December 2019. At the 2020, the market value of the property was R2 000 000. REQUIRED: 3.1.1) Prepare the general journal entry (if any) that would be processed on the 1 July 2019 in relation to the new factory. Give a reason for your answer. (2 marks) 3.1.2) Prepare the general journal entry to record the purchase of the factory in the books of Meatalicious Limited. Indicate clearly the date of the transaction (2 marks) 3.1.3) Prepare the general journal entries necessary on the 30 June 2020 assuming that business recognises the asset at fair value. Include the closing off journal entry. (4 marks)