Provide extracts from the statement of financial position to reflect Transactions 1 and 2 in the annual financial statements of Nibble Bites (Pty) Ltd as at 31 December 2023 to comply with the International Financial Reporting Standards. Include all considerations and calculations for each transaction to arrive at the final figures that will appear in the statement of financial position. Round amounts to the nearest Rand. Comparative figures are not required.

Nibble Bites (Pty) Ltd manufactures and sells handmade biscuits, cakes, dried fruit, and cheese. There are six divisions, namely, new product research, manufacturing, quality, maintenance, human resources, and finance. The company has a 31 December financial year-end. Transaction 1: Investment property On 30 April 2023, Nibble Bites (Pty) Ltd moved its manufacturing division out of its currently owned property into larger leased premises. The property owned consisted of land and a factory building and was immediately leased out to an unrelated party under a non-cancellable 12-year operating lease. The owned property had originally been purchased on 1 January 2020 at an amount of R12 600000 . On the date of purchase, the useful life of the factory building was estimated to be 25 years and its residual value was estimated to be Rnil. The land was revalued upwards by R1 200000 for the first time on 31 December 2021 to reflect its fair value. Further revaluations of the property were performed on 30 April 2023 and 31 December 2023. The following details pertain to the property: Transaction 2: Non-current asset held for sale Nibble Bites (Pty) Ltd's board of directors has taken the decision to sell the Detector machine used in the quality division. A board resolution was passed on 31July2023 for the sale of the machine. The Detector machine was originally purchased on 1 March 2020 with a cost of R2 000000 . On the purchase date, the machine's expected useful life was 5 years with a residual value of R50000. The company has entered into a discussion with a potential buyer. The purchaser will perform a customary due diligence process prior to the acquisition being concluded. Even though the machine is not sold immediately as a result of the due diligence procedures, it is still available for immediate sale. Due diligence is customary because of the technical nature thereof. The due diligence process and sale of the machine will be completed on 1 March 2024. On 31 July 2023, the sales price of the machine was R650 000, with the fair value amounting to R620 000. The costs in relation to the sale of the machine will amount to R10 000 . The fair value of the machine amounts to R610 000 on 31 December 2023, with costs relating to the disposal amounting to R12 000 . Additional information: - An income tax rate of 28% is applicable. Assume a capital gains tax rate of 80%. - Wear and tear for tax purposes are computed at the same rate as depreciation for accounting purposes, not apportioned for a part year. - Factory buildings classified as property, plant, and equipment are measured using the cost model. - Land classified as property, plant, and equipment is measured using the revaluation model. - Investment properties are measured using the fair value model. - All properties measured under the cost model are depreciated on a straight-line basis over the asset's useful life