Happy Limited carries on a toy manufacturing business in Hong Kong. The accounting year of the company ends on 31 March every year. The company acquired a piece of land in Fanling, Hong Kong for $20 million on 5 April 2012. It then engaged a contractor to build a three-storey building on that site at a construction cost of $10 million in June 2012. The building was completed on 20 February 2013 and immediately used for production. REQUIRED: (a) Identify and briefly explain the type of depreciation allowance available to Happy Limited. (5 marks) Compute the relevant depreciation allowances for the year of assessment 2012/13