Discuss the accounting treatment and disclosure for each of the following independent events and transactions. Assume that the tax rate is 25% where applicable. The year-end is 31 December. 

a. During the course of finalizing the accounts for year 4, the accountant discovered that goods sold in year 3 of RM30,000 were included in the closing inventory of year 3. The opening inventory of year 4 included this inventory. 

b. On 1 January x3, a plant costing RM400,000 was purchased and it was estimated that the economic life was ten years. In year 5, it was determined that the remaining economic life was four years. 

c. The company acquired a large asset for RM12 million. Effective year x6, the accounting standard requires the cost of the asset to be allocated to its various components and depreciated accordingly. The Accounting Policies, Changes in Accounting Estimates, and Errors company has lost the records and is unable to assign the costs to the various components. 

d. The entity has not depreciated its hotel building as it maintains it very well. The hotel building was constructed at a cost of RM100 million in xl and its His scrap lits scrap value was estimated at RM90 million. 

e. An entity entered into a contract to hire a plant on 1 January x2. The of 200.000 rental of RM200,000 per annum is payable at the beginning of the G year for five years. The fair value of the asset is RM1.2 million. In 4 when year 4, when finalising the financial statements for the year ended 31 December x3, it was discovered that it is a finance lease and not N an operating lease. The entity had accounted for the rental payment an expense. 

f. In year 4, an entity entered into a contract to sell timber costing RM2 million for RM2.6 million and promised to buy it back in year 6 for RM3 million. In n year 4, the sale of timber was recognized as and al and cost of timber as cost of sales. It is now February x6 and BOAVENID revenue the entity is finalizing the financial statements for x5. ig DM2A 

g. An entity acquired the property for RM25 million in x2. The asset is depreciated at 2% on cost. The entity had adopted the cost model. In year 5 the entity wants to adopt the revaluation model. 

h. An entity was depreciating its plant on a straight-line basis. In year x3, it changed its depreciation method to units of production. 

i. An entity constructed structures in its tin mines to extract tin. It is estimated that the cost of dismantling and landscaping in ten years will be RM2 million. After three years, it was estimated that the dismantling and landscaping cost will be RM3 million and not RM2 million. Assume a discount rate of 10%.