last day of the financial year, 31 March 2023: Land and buildings at cost (opening balance) Vehicles at cost (opening balance) Equipment at cost (opening balance) Accumulated depreciation: Vehicles (opening balance) Accumulated depreciation: Equipment (opening balance) R 1 700 000 840 000 400 000 387 500 76 000 Additional information: 1. Vehicles have a residual value of R65 000 and is depreciated over the estimated economic life of 5 years using the straight-line method. 2. Equipment is depreciated at 10% using the reducing balance method. 3. No assets were sold during the financial period. 4. On 1 October 2022, Zondi Mining purchased new drilling equipment for R95 450 (VAT inclusive). The VAT rate is 15%.