Ferguson prices its furniture using a normal 30% mark-up policy. A stock count carried out at 31 December 2019 valued stock at a selling price of $325,000. This included two items at a normal selling price of $20,800 each, which the directors have decided should be reduced in price to $5,000 each. The land was valued at $600,000 at 31 December 2019. The directors decided to reflect the revalued amount in the statement of financial position. iii. On 1 February 2019, the company sold a vehicle for $20,000. While the proceeds of the sale were credited to the Disposal account, no other entries were made in the books of account in relation to this transaction. The vehicle had cost $88,000 in August 2016. The company charges a full year's depreciation in the year of acquisition and no depreciation in the year of disposal. iv . The company's depreciation policy is as follows: Land: nil Buildings: 4% straight line Equipment: 40% reducing balance Vehicles: 25% straight line. V. Trade receivable at 31 December 2019 include a debt of $16,000 from a customer recently declared bankrupt. The company has decided to maintain the provision for doubtful debts at 4% of remaining trade receivables