1. Covex Pharmaceuticals Sdn Bhd (Covex) is a company specializing in productions of pharmaceutical products. It has a financial year end every 31 March and owns an item of plant that it uses to produce and package vaccines. The plant was bought on 1 April 2017 at cost of RM1,500,000 and, at that date, it had an estimated useful life of five years. A review of the plant on 1 October 2018 concluded that the plant would last for a further four and a half years and that its fair value was RM1,170,000. On 1 April 2020, Covex was informed by a major customer that it would no longer be placing orders with Covex, due to dissatisfaction over the vaccines produced by Covex since 2019. As a result, Covex revised its estimates that net cash inflows earned from the plant for the next three years will be: Year ended 31 March: RM 2021 2022 2023 250,000 220,000 254,000 Covex's cost of capital is 10%. On the same date, the plant has a fair value of RM530,000, The estimated cost to sell is RM40,000. Required: i. Calculate the carrying amount of Covex's plant and the balance on the revaluation surplus at 1 October 2018. Prepare journal entries for the revaluation. (4 marks) ii. Calculate the recoverable amount of Covex's plant at 1 April 2020. (5 marks) iii. Prepare journal entries for the impairment loss of plant. (3 marks) (Total: 12 Marks)