B. DISPOSAL OF FIXED ASSETS The following information was extracted from the books of SWIFT TAXI Their financial year ends on 31 December each year. INFORMATION: R 1 800 000 878 400 Balances on 01 January 2018 [Beginning of the year] Vehicles Accumulated Depreciation on Vehicles On 30 June 2018, an old vehicle costing R700 000 was sold for R300 000 cash. The accumulated depreciation on this vehicle was R341 600 on 01 January 2018. A new vehicle costing R900 000 was purchased on credit from Mercedes on 01 November 2010 Vehicles are depreciated at 20% p.a. on the diminishing balance method. REQUIRED Calculate the following: (4 marks) 1. Current years depreciation on: (3 marks) 1.1. Vehicle sold. (3 marks) 1.2. Vehicle remaining. 2. The profit or loss made by the business by selling the Vehicle for R300 000