Question commar numa is a company that disebures sport equipment and was incorporated on 1 January 2010 The following information relates Taranum Ladi NS EXTRACT FROM TRIAL BALANCE ON OL JANUARY 2020 DEBIT CREDIT NS Land and Buildings (I DOND) 1 000 000 Ollice equipment car con 420.000 Accumulared depreciation on 70 000 office equipment Vehicles (al cost) 220 000 Accumulated depreciation on 49 500 Vehicles Titanium Ltd EXTRACT FROM ACCOUNTING POLICY Property, Plant and Equipment Depreciatio Expected Measuremen Depreciation Asset i model (method) n (write-off residual period) value Land & buildings Revaluation Not applicable Not Not applicable applicable Onice equipment Cost Straight-line 6 years, None Vehicles Cost Straight-line 4 years 10% of cost Additional information: 1. Land and Buildings were originally purchased on 01 January 2019 and have never been revalued. The company appointed a sworn appraiser, Aron Nandago, on 30 November 2020 to perform a revaluation. On this date, Aron estimated the fair value of the building at N$ 1 300 000. 2. All office equipment was purchased on 1 January 2019. During the current year, the company became aware that equipment with an original cost of NS 120 000 is no longer used. This equipment was sold on 30 June 2020 for N$ 80 000 3. The company's role delivery vehicle was also purchased on 01 January 2019. The rapid expansion of the company's operations resulted in the need for an additional vehicle. The new vehicle was purchased on 1 October 2020 for N$ 253 000. Required: 1. Prepare the extracted statement of financial position as at 31 December 2020, showing only the property plant and equipment. Comparative figures are required. (9 marks) 2. Prepare the following notes for the year ended 31 December 2020 (18 marks) 2.1 Basis of presentation 2.2 Summary of significant accounting policies for property, plant and equipment 2.3 Property, plant and equipment 3. What is the purpose of disclosing significant accounting policies in the preparation of financial statements and how does it affect past performances and present position of a company? (9 marks)