Question 2 [30 Marks] (a) Following data has been extracted from Sara Khan's records for the month of June 2016. June 2016 $ 1 2 5 9 14 18 23 26 Opening balance of cash Received cash from Adison Paid rent by cash Made sales on cash Paid to Barry Purchased Furniture on cash Paid salaries Rent due, yet not paid for June 12,000 3,800 4,000 3,000 1,760 3,000 3,600 2,700 Required: Enter the above transactions in the single column cash book of Sara. [15 Marks] (b) A non-current asset was purchased on 1 June Year 1 for $216,000. Its expected life was 8 years and its expected residual value was $24,000. The asset is depreciated by the straight-line method. The financial year is from 1 January to 31 December. The asset was sold on 1 September Year 4 for $163,000. Disposal costs were $1,000. It is the company policy to charge a proportionate amount of depreciation in the year of acquisition and in the year of disposal, in accordance with the number of months for which the asset was held. Calculate the gain or loss on disposal? [15 marks]