Speedway is a courier company and a registered value added tax (VAT) vendor Speedway entered into the following transactions for its one-month VAT period ending 31 January 2018: Courier services were rendered in South Africa totalling R5 000 000 2. A second-hand courier vehicle was purchased from a non-VAT registered vendor for R250 000, which reflected an arm's length price. The vehicle is not a car A motor car was purchased for R600 000 from a car dealership. The car was purchased for use by a company director. Services received in January 2017 from a sub-contracted courier company at a cost of R57 000) had still not been paid. Despite all efforts by Speedway to contact the sub-contractor to make payment, no details could be obtained. was later discovered that the sub-contractor had been sequestrated and the matter was closed Bad debts were written off of at a value of R150 000 Bad debt of R11 400 was recovered. The debt had been written off as bad for VAT purposes in a prior VAT period. Rental of office space totaling R30 000 was in respect of January 2018 Sponsorship services were provided at a publishing event in which Speedway provided free courier services of the publisher product to customers. All products were delivered with a brochure about Speedway's services. The cost to Speedwy was R40 000 and the market value of the services w R65 000 9 Wages were paid totalling R1 750 000 10. Puel was paid totalling R350 000 11. Interest was earned on the company's bank account of R12 000 12. Bank charges on company bank accounts were R3 000 All transactions (unless otherwise statedtook place between VAT registered vendor and Speedway is in possession of all the necessary documentation All amounts are stated inclusive of VAT where applicable Use 15% as the standard rate of VAT. 6.1 Calculate the input value-added tax (VAT) and output VAT arising from each of the transactions (1) to (12) for the one-month VAT period ending 31 January 2018. Give a brief reason for any amount generating a zero (0) Use the following table format to present your answer: Transaction Input VAT Output VAT Indicate by the use of zero any item which does not result in either input VAT or output VAT. Round off your answers to the nearest Rand 6.2 Provide the formula and calculate the VAT payable or refundable for the period ending 31 January 2018. 6.3 Provide two examples of zero-rated items. (2) [20]