Case 3: Background: You are working as an accountant in New Oman SAOC that prints paper material for several customers. Its accounting year ends on 31" December each year. Your team only focuses on accounting treatment related to Non-current assets. Below are certain issues faced by the company that needs your attention and recommendation for appropriate treatment? The Company bought a printing press from Germany for RO 175,000. The other charges incurred were custom duty of 2% on the purchase price, transportation cost of 6,500 and installation cost of RO 15,000. The company also paid refundable tax of RO 5,000 on such purchase. This is installed and ready for use on 15 July 2018. Management estimate the press will have a useful life of 15 years and a residual value of RO 35,000 On 31* December 2019 the management found that due to over-capacity in the industry the market value of the new printing press was just RO 160,000. This printing press is a well- known model and the second-hand market value can be estimated reliably by taking 90% of its market value. The value in use is estimated to be RO 130,000. There was an increase in demand due to a major contract received by the company in the year 2020 which required the company to operate the press under three shifts from the beginning of the year itself. Due to such increased operations they reduce the overall expectation of useful life of the machine to 10 years and the estimated residual value to RO 24,000. Your task is to show how the asset will be accounted for under the provisions of IAS 16 and IAS 36 in the company's year-end accounts year 2018, 2019 & 2020. (8 marks) Apart from the above the manager needs to know how such situations will affect the financial performance of the business for the year 2019 and 2020. (2 marks Min 75 - 100 words)