B. Identify and explain the type of change and the accounting treatment for each of the following independent events and transactions from initial recognition until 31 December 2016 On 1 January 2013, a plant costing RM14,600,000 was purchased and it was estimated that the economic life was ten years. On 30 June 2016, it was determined that the remaining economic life was 5 years and the scrap value was estimated to be RM90,000. (10 marks) ii. Gerda acquired a machinery on 1 January 2011 for RM56 million. The useful life of the machinery was estimated to be seven years. On 31 December 2012, the equipment showed evidence of impairment. An estimate of recoverable amount was carried out which indicated that the fair value of the machinery was RM24 million, the expected decommission and transportation cost was RM2 million and the estimated present value of future economic benefits was RM23 million. The useful life of the machinery remained the same. On 31 December 2015, due to a sudden surge in the demand for the product manufactured by the machinery, the recoverable amount based on its value in use was estimated to be RM18 million. Required: With reference to the relevant MFRS, prepare extracts of following for the financial year ending 31 December 2011 to 2015: a. Statement of profit or loss. b. Statement of financial position