Land at revaluation. Buildings at cost. Land at cost. Buildings at cost Machinery and equipment at cost Motor vehicles at cost. Accumulated depreciation - Machinery and equipment. - Motor vehicles. Additional information: 1. Land and buildings are owner occupied and consist of land situated on Erf 15, Pretoria East, with a factory building thereon. The land was acquired on 1 January 2020 for R480 000 and was revalued for the first time on 1 April 2022 by Mr. Cool, a sworn appraiser. The buildings were erected during September and October 2022 at a cost of R840 000 and was completed on 31 October 2022. Machinery was withdrawn from production for the two months to construct the building. The buildings were brought into use on 1 November 2022. No depreciation is written off on land, but it is company policy to revalue land every three years at market value. 2. Land and buildings that cost R700000 and R650 000 respectively situated on Erf 285, Randburg, were purchased on 1March2022. The land and building were leased out to tenants from 1 March 2022 The following information regarding the land and buildings was available: 3. Other non-current assets are depreciated at the following rates and methods: - Buildings 2% per annum using the straight-line method. - Machinery and equipment - 15% per annum using the straight-line method. - (All machinery was purchased on 1 June 2020) - Motor vehicles 25% per annum using the diminishing balance method. 4. The only other transaction regarding non-current assets apart from the transaction in note 1, is the following: On 1 January 2022, a motor vehicle which originally cost R80 000 and on which depreciation of R48 000 was already written off, was traded in for a new vehicle costing R140 000 . Land will be disclosed at the following amount in the Statement of Financial Position as at 31 December 2022? 1. R480000 2. R600000 3. R1180000 4. R1 500000 Land at revaluation. Buildings at cost. Land at cost. Buildings at cost Machinery and equipment at cost Motor vehicles at cost. Accumulated depreciation - Machinery and equipment. - Motor vehicles. Additional information: 1. Land and buildings are owner occupied and consist of land situated on Erf 15, Pretoria East, with a factory building thereon. The land was acquired on 1 January 2020 for R480 000 and was revalued for the first time on 1 April 2022 by Mr. Cool, a sworn appraiser. The buildings were erected during September and October 2022 at a cost of R840 000 and was completed on 31 October 2022. Machinery was withdrawn from production for the two months to construct the building. The buildings were brought into use on 1 November 2022. No depreciation is written off on land, but it is company policy to revalue land every three years at market value. 2. Land and buildings that cost R700000 and R650 000 respectively situated on Erf 285, Randburg, were purchased on 1March2022. The land and building were leased out to tenants from 1 March 2022 The following information regarding the land and buildings was available: 3. Other non-current assets are depreciated at the following rates and methods: - Buildings 2% per annum using the straight-line method. - Machinery and equipment - 15% per annum using the straight-line method. - (All machinery was purchased on 1 June 2020) - Motor vehicles 25% per annum using the diminishing balance method. 4. The only other transaction regarding non-current assets apart from the transaction in note 1, is the following: On 1 January 2022, a motor vehicle which originally cost R80 000 and on which depreciation of R48 000 was already written off, was traded in for a new vehicle costing R140 000 . Land will be disclosed at the following amount in the Statement of Financial Position as at 31 December 2022? 1. R480000 2. R600000 3. R1180000 4. R1 500000