On $1$ January $2021,$ Flight Limited purchased a new lear jet. The jet, which is to provide international mobility to the companys most senior executives, cost $$40$ million $($excluding VAT$).$ The company intends keeping the jet until it is obsolete $($i$.$e$.20$ years$)$ at which time it is expected to have no residual value. Although the invoice did not provide an analysis of the purchase price, it can reasonably be allocated as follows: $ $000`$s

Engines $\mathrm{}30,000,000$ Estimated useful life $10$ years with no residual value

Airframe $\mathrm{}\mathrm{}16,000,000$ Estimated useful life $20$ years with no residual value

Furniture and fittings $4,000,000$ Estimated useful life $5$ years with no residual value

Inspection costs$\mathrm{}3,000,000$ Such inspections are required by aviation authorities every two years

Additional information:

On $30$ June $2022,$ for reasons of convenience, the company undertook the requisite inspection six months earlier than required by the aviation authorities. The cost of the inspection was $ $\mathrm{}\mathrm{}300000$ and the next scheduled inspection is $30$ June $2024.$ 

Required:

Briefly outline how Flight Limited shall account for the inspection cost only during $2022,$ in accordance with IAS $16$ Property, plant and equipment. You must show all appropriate workings including cost and depreciation for the respective periods.