Fac1502 Assignment 4 Semester 01 2024 Verrified Quiz Answers (Due 21 May 2024)

Attempts allowed: 1Time limit: 2 hoursGrade to pass: 50.00 out of 100.00Summary of your previous attemptsStateMarks /85.00Grade /100.00ReviewFeedbackYour nal grade for this quiz isOverall feedbackCongratulations, you pass the assessment.No more attempts are allowedBack to the course\bOpened: Tuesday, 14 May 2024, 8:00 AMCloses: Tuesday, 21 May 2024, 11:00 PM218909FinishedCongratulations, you pass the assessment with a distinction.Submitted Wednesday 5 May 4 , AM Assessment 4 1. UNISA 2. 2024 3. FAC1502-24-S1 4. Welcome Message 5. Assessment 4Question 1Answer savedMarked out of 9.00On 1 September 20.18 Mr Will Turner started a new blacksmith business called Iron Duke. Iron Duke manufactures and sells domesticcast iron furniture. The following transactions took place during the first financial year of the entity ending 31 August 20.19.- Interest incurred on the purchase of a CNC machine on credit from Big Traders was R660 for the year; no payments orentries regarding this interest were made yet in the books of Iron Duke.- Interest due on the long-term loan was R12 500 for the year ending 31 August 20.19 and was paid in cash on 2 September20.19.- On 31 August 20.19, Mr Will Turner, decided to trade-in the old delivery van for a new delivery van. The trade-in value wasR14