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Pip Pipes owns and operates Pip's Plumbing, a small business that prepares reports on an annual basis on 30 June. On 30 June 2021 Pip traded-in a Van that originally cost $42 000 (plus GST) As at 30 June 2021 the carrying value of the Van was $8 900. The Van Man agreed to a trade-in allowance of S8 500 on the cash purchase of a new Van with a selling price of S56 100 [including GST). a. Explain what the carrying value of $8 900 reported on the Balance Sheet of Pip's Plumbing represents. 2 marks b. Complete the Disposal of Van account in the General Ledger as at 30 June 2021. 4 marks c. With reference to your answer in part b., explain why a Profit or Loss on the trade-in of the Van can occur. 2 marks Question 3 - Music Mayhem (7 marks) Fran Festive runs a Music business and the Accounting Reports are prepared each year on 31 December On 1 August, 2020, she decided to deposit $15,000 with the Best Bank' for a period of one year. The conditions of the deposit were that she could not make withdrawals from the account over that period, and that the principal and interest, at the rate of 4%, would be paid to Fran in one year. a. Prepare the journal entry required on 31 December, 2020 A narration is not required. 2 marks b. Record the deposit from Best Bank received on July 31, 2021, at the end of the term. A narration is not required. 4 marks c. How is Accrued Revenue reported in the Balance Sheet