A. According to MFRS 108 Accounting policies, Changes in Accounting Estimates and Errors: Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity to prepare and present the financial statements. Required: Discuss the differences between each of the following ways of applying changes of accounting policy as per MFRS 108. a) Retrospective application b) Prospective application B. (4 marks) (CLO1:PLO1:C2) On July 2019, Prima Facie Bhd purchased five units of shop lots amounting to RM6,000,000. The company depreciated the building at the rate of 5% on cost per annum. The opening balance of retained earnings on 1st July 2020 was RM1,500,000. During the financial year ended 30th June 2020, the company carried out some extension to the building amounting to RM750,000. The amount was treated as a revenue expenditure. The matter was discovered on 1st June 2021. The current financial year ended on 30th June 2021. Required: In accordance to MFRS 108: a) Identify and explain the elements related to the above scenario. b) Discuss the accounting treatment. c) Prepare the journal entries to correct the errors (if any). (3 marks) (CLO1:PLO1:C2) (5 marks) (CLO1:PLO1:C4) (4 marks) (CLO1:PLO1:C4)