QUESTION 2 (16 Marks) Inspiron is a local manufacturer of sports equipment. The entity’s current year ended on 31 March 2024. The following information relates to a new machine acquired during the year in order to manufacture soccer balls: 1 February: The machine was purchased FOB destination point from an overseas supplier for 56 640 USD. The destination was Inspiron’s premises. The exchange rate on the 1 February 2024 was 1 USD: R18.95. The payment for the machine was made on this day. 28 February: The machinery arrived at the premises of Inspiron. 1 March: The machinery was installed, and installation fees paid amounted to R8 496. The machine was then brought into use on this day when the manufacturing of soccer balls commenced. The machinery has a useful life of 5 years and is depreciated using a straight-line basis. It was estimated that the residual value of the machine is R14 160.