(c) During the financial year just completed, Shonky Ltd disposed of an item of plant for $250,000, recording a profit on disposal of $75,000 in the process. The $75,000 profit on disposal of the plant was subsequently recognised in Shonky Ltd's Income Statement. Shonky Ltd's total Net Profit for the year was $65,000. After making some initial inquiries you realise that this is the first time Shonky Ltd had disposed of an item of plant in this manner in recent memory. The company's normal practice has been to depreciate plant and equipment to $0 and then sell as scrap to a local not-for-profit recycling business. Required: (i) (ii) Outline the steps you would take as an auditor to verify the legitimacy of this transaction. (4 marks) (2 marks) List Two causes for concern in relation to the above transaction