On 1 September 20.18 Mr Will Turner started a new blacksmith business called Iron Duke. Iron Duke manufactures and sells domestic cast iron furniture. The following transactions took place during the first financial year of the entity ending 31 August 20.19. On 1 September 20.18 the owner Mr Will Turner made his new personal machine, the Belt Grinder, available to the business. The cost of the Belt Grinder was R15 000. On 1 September 20.18 the factory