AB Ltd. is a private limited company that operates an aircraft. The aircraft was acquired on 1 January 2001. The details of the cost of the aircrafts components are as follows:

Component at cost ($ million)	Depreciation basis
Exterior Structure 600	25 years straightline
Cabins Fittings 300	12 years straightline
Engine 200	40,000 hours

In the year ended 31 December 2008 the aircraft engine had experienced a serious trouble which had resulted in considerable compensation costs to AB Ltd. The aircraft log showed that existing engine has used 30,000 hours up to 31 December 2008. At the start of January 2009 a decision was taken to replace the engine at a cost of $280 million, due to the unreliability of the old engine. The expected life of the new engine is 50,000 hours and in the year ended 31 December 2009 the aircraft had used its engines for 5,000 hours. At the same time the engine was replaced, the company took the opportunity to upgrade the cabin facilities at a cost of $120 million and the exterior structure was repainted at a cost of $40 million. After the upgrade to the cabin fittings its estimated remaining useful life was increased to five years (from the date of the upgrade).

All the work on the aircraft can be assumed to have been completed on 1 January 2009. All residual values can be taken as nil.

Required Calculate the carrying value of aircraft at 31 December 2009 in the statement of financial position and related expense in the statement of profit or loss for the year ended 31 December 2009. (20mks)