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Question 2: Michael O'Connor is a sole trader. He is preparing his accounts for the year ended 31 December 2018. For the year ended 31 December 2017, his accounts had the following balances: 180,000 in the motor vehicle cost account and 120,000 in the accumulated (provision for) depreciation of motor vehicles account. Motor vehicles are depreciated on a straight line basis over 5 years. The residual value of the motor vehicles is estimated to be zero. Michael O'Connor's depreciation policy states that depreciation is to be charged pro rata to time in the year of acquisition but no charge should be made in the year of disposal. During the 12 months to 31 December 2018, the following transactions took place: 31 March Purchased a lorry for 80,000 30 June Sold a van for 12,000 that had cost 40,000 on the 31 March 2014 31 August Purchased a car for 30,000 Required (a) Calculate the profit or loss on the disposal of the van on the 30 June 2018. (6 marks) (b) Calculate the depreciation charge for the year. (6 marks) (c) Show the entries in the motor vehicle account, the provision for depreciation account and the disposal account for the year ended 31 December 2018. (12 marks) (d) Briefly outline the purpose of depreciation in financial accounting. (6 marks)