QUESTION TWO The following balances, as at 1 January 2020, were extracted from the accounting records of Sling (Pty) Ltd; [25] Balances at 1 January 2020 Additional information R 1 600 000 Land and buildings Vehicles at cost 2 270 000 Accumulated depreciation: Vehicles 2 (108 000) Equipment at carrying amount 3 200 000 Accumulated depreciation: Equipment 3 (100 000) The following additional information needs to be taken into account for the year ended 31 December 2020: 1) The Land and buildings were purchased on 31 December 2019. At purchase, Land was valued at R200 000. A policy was adopted whereby Land will not be depreciated but revalued at 31 December 2020 and every 3 years thereafter. At 31 December 2020, Land was revalued by a sworn appraiser at R300 000. 3) 2) Buildings must be depreciated at 2,5% per year on the straight line method. During the current financial year extensions were added to the buildings at a cost of R100 000. This amount was incorrectly debited to the repairs and maintenance expense account. The extensions were ready for use on 30 June 2020 but was occupied and used from 1 September 2020. An old vehicle which cost R60 000 and which had accumulated depreciation of R40 000 at 1 January 2020, was sold for R20 000 cash on 30 June 2020, On 1