3 On 1 January 2020, Ikhwan Bhd acquired a machine with 20 years useful life from Kiwi Technology Bhd at an invoice price of RM800,000 with a trade discount of 5%. Import duties and taxes amounted to RM40,000. The future economic benefits expected to be consumed would be consistent over the specialised machine's useful life. The company adopts the revaluation model for property, plant and equipment and the fair value model for investment property. Financial year ends 31 December every year. Required: a. b. For the year ended 31 December 2020, discuss the accounting treatment of the machine assuming it was use in the production or supply of goods for more than one accounting period. (State the relevant MFRS.) (5 marks) For the year ended 31 December 2020, discuss the accounting treatment of the machine assuming it was hold for resale (State the relevant MFRS.) The fair value of the machine on 31 December 2020 was RM750,000 (the machine can also be sold in the market at this amount)