b). Beta Inc. was incorporated on January 1, 20X1, and follows IFRS in preparing its financial statements. In preparing its financial statements for financial year ending December 31 , 20X3, Beta Inc. used these useful lives for its property, plant, and equipment: - Buildings: 15 years - Plant and machinery: 10 years - Furniture and fixtures: 7 years On January 1, 20X4, the entity decides to review the useful lives of the property, plant, and equipment. For this purpose, it hired external valuation experts. These independent experts certified the remaining useful lives of the property, plant, and equipment of Accurate Inc. at the beginning of 20X4 as - Buildings: 10 years - Plant and machinery: 7 years - Furniture and fixtures: 5 years Beta Inc. uses the straight-line method of depreciation. The original cost of the various components of property, plant, and equipment were - Buildings: OMR 15,000,000 - Plant and machinery: OMR 10,000,000 - Furniture and fixtures: OMR 3,500,000 Required Compute the impact on the income statement for the year ending December 31,20X4, if Beta Inc. decides to change the useful lives of the property, plant, and equipment in compliance with the recommendations of external valuation experts. Assume that there were no salvage values for the three components of the property, plant, and equipment either initially or at the time the useful lives were re- visited and revised