Lee, the owner of a retailer business, prepares his account to 31 December annually. In June 2019, one of his lorries loaded with goods was stolen. The lorry was purchased in 2014 for RM80,000. The lorry was insured for RM60,000 and a premium of RM6,000, inclusive of RM1,000 for the insurance of goods, was incurred. The insurance company agreed to compensate Lee a sum of RM160,000, of which RM50,000 was for the loss of the lorry. The amount received is included in the profit and loss account for the year ended 31 December 2019. . Required: Discuss the tax treatment of the above, covering the purchase and loss of the lorry, the insurance premium incurred and compensation received