QUESTION 1 (24 marks) Royal Confectionery Ltd. produces high-quality confectionery products. The company is a registered VAT vendor. The company's current financial year ends on 31 December 2023. Royal Confectionery Ltd. purchased a new piece of equipment, an industrial oven for R230 000 (including VAT) on 1 June 2022. The oven was ready for use on 1 July 2022. The estimated useful life of the oven was initially set as 7 years with a residual value of R18 000 (excluding VAT). On 1 January 2023, after discussions with the Production Manager, the company decided to change the estimated useful life of the oven from 7 years to 5 years, starting from the date the oven was ready for use (1 July 2022). The residual value remained unchanged. Additional Information: All assets are depreciated on the straight-line method. Assume a Value Added Tax (VAT) rate of 15%. REQUIRED: 1.1 Calculate the depreciation expense of Royal Confectionery Ltd., for the oven, for the years ended 31 December 2022 and 31 December 2023 considering the change in the estimated useful life. Round all answers to the nearest Rand. (11 marks) 1.2 Prepare the general journal entries for the depreciation expense of Royal Confectionery Ltd. for the year ended 31 December 2023. (3 marks)