Bopha Ltd, a general construction company which is based in Limpopo, has a financial year end of 31 December. Bopha Ltd was in a process of constructing a new plant which was available for use on 1 January 2024. During the 2023 financial year, it withdrew its tractor loader, purchased on 1 January 2020 from normal construction operations, for the period 1 March 2023 to 30 June 2023 and used it in the construction of a new plant. This tractor loader had a carrying amount of 336 000 on 1 January 2023 and is depreciated at a rate 20% on straight line basis. The cost price of the new plant before capitalization is R1 200 000. REQUIRED: Calculate the total cost of the new plant as at 31 December 2023. The new plant will be depreciated at 5% per annum on straight line basis when it becomes available for use. 1. R1 140 000 2. R1 200 000 3. R1 196 000 4. R1 256 000