On 1 March 2023, the beginning of the financial year, the following balances appeared in the financial records of Manzini Ltd: Dr Cr Machinery at cost Accumulated depreciation: Machinery 38 000 200 000 On 31 August 2023 some of the machinery, originally bought on 1 March 2021 for R30 000 was sold for R24 000. On 1 December 2023, the sold machinery was replaced with other machinery: Cost price: Brokers commission: Transfer and other legal costs: R50 000 R2 000 R8 000 Depreciation is provided at 10% per annum, in accordance with the reducing balance method. Total accumulated depreciation on 29 February 2024, the financial year-end, will amount to? 1. R47 300 2. R47 570 3. R47 320 4. R52 070