QUESTION 3 (15 marks) GreenVille Landscaping specialises in providing landscaping design and maintenance services. The company's financial year-end is 31 December, and it is not VAT registered. GreenVille Landscaping decided to upgrade and replace some of its equipment during the 2023 financial year. The following transactions took place: Vehicle A (Truck): This truck was purchased on 1 January 2019 for R300 000 with an estimated useful life of 6 years. On 1 April 2023, the truck was replaced with a new truck that cost R400 000 . The old truck was sold for R120 000 cash. The new truck has an estimated useful life of 5 years. Equipment B (Lawnmower): A new lawnmower was purchased on 1 January 2023 for R150 000 . The lawnmower has an estimated useful life of 4 years. The lawnmower was used from 1 January 2023. The company also incurred additional costs as follows: On 31 December 2023, the owner noticed that the services for this lawnmower have changed dramatically. They estimated that the lawnmower has a value in use of R85 000 and a net selling price of R70 000 as at 31 December 2023. All assets are depreciated on the straight-line method with nil residual values. Ignore VAT and tax. ANNEXURE F: FORMATIVE ASSESSMENT 1 REQUIRED: Prepare the Statement of Profit or Loss of GreenVille Landscaping for the financial year ended 31 December 2023. Instructions: - Start with a Gross Profit of R500 000. - Include all necessary headings and sub-headings in your statement. - Provide all workings and reference appropriately. - Assume that there were no other transactions for the year. - Round all answers to the nearest Rand. (15 marks)