The following information has been extracted from the financial records of Castle Limited at 31December 2015, its financial year: Land and buildings, at cost price 512 000 Goodwill, at cost price 40 000 Equipment, at cost price (31/12/2015) 302 400 Accumulated depreciation on equipment (31/12/2015) 1 200 Loan to Alfa Ltd 78 000 Delivery vehicle, at cost price (01/01/2015) 134 000 Accumulated depreciation on delivery vehicle (01/01/2015) 25 400 Additional information 1. Land and buildings The land is situated at No. 17 Second Avenue, Mbombela and was bought on 8 May 2010 at a cost price of R376 000. On 1 January 2011 a warehouse was erected on the same land at a cost of R136 000. On 31 December 2015 the above mentioned land was revalued by an impartial authority of property valuations at R500 000. No entry relating to this revaluation was made. Depreciation on building is calculated at 5% per annum, using the straight line method. 2. Equipment Equipment with a cost price of R100 000 and accumulated depreciation of R90 000, on the date of sale, was sold during the year. A new equipment, costing R50 000 was purchased on 31 December 2015. Depreciation of R30 000 was written off on equipment during the financial year. 3. Deliver vehicle A delivery vehicle was sold on 31 August 2015 for R54 000. The cost price and accumulated depreciation at 01 January 2015 were R74 000 and R12 800 respectively. Depreciation on delivery vehicle is calculated at 20% per annum on reducing balance method. 4. Machine The machine was purchased for R298 000 in cash on 1 February 2015 but needed to be installed before it could be used. The installation cost R10 000 and was also paid for in cash. The machine was in a condition ready for use in the manner intended by the management on 1 May 2015. It was brought into use on 1 June 2015. It has an estimated useful life of 3 years and a residual value of R44 000. Required: Disclose the Property, plant and equipment note to the financial statements of Castle Limited for the year ended 31 December 2015. Show all calculations.