3. Villa Bhd acquired a sport equipment for RM500,000 on 1 January 2013 and recognized under MFRS116. The life span of the asset is expected to be 10 years. The fair value of the asset on 1 January 2015 was determined at RM380,000. Required: a) Prepare the journal entries on the revaluation of the asset on 1 January 2015. (3 marks) AC/ASSIGNMENT 1/FAR320 b) The asset was disposed for RM450,000 on 31 December 2015. Determine the amount of gain or loss from disposal of the asset as at that date. (3 marks)