Mari-Mari Enterprise (MME) started their business on 15 June 2000 and has the following Property, Plant and Equipment as at 31st May 2010: Types of PPE Useful life Plant 20 years 10 years Acquisition cost and date RM400,000.00 at 1st June 2000 RM150,000.00 at 1st June 2010 Fair Value (1 June 2012) RM200,000.00 RM100,000.00 Equipment All of the assets were recognized at cost and on 1st June 2012 the assets are carried at its revalued amount. In the year 2015, MME plant was damaged by unexpected flooding in the area. MME believed its plant and equipment were impaired due to this event. MME carried out an impairment test on 31st May 2015 and found that if MME were to dispose its plant and equipment, the fair value after disposal costs would be RM100,000.00 and RM50,000.00 respectively. If MME were to continue its operation, benefit generated by the plant was expected to be RM25,000.00 and RM20,000.00 for accounting period end in 2016 and 2017 respectively, and RM 18,000.00 per annum for the remaining years. As for equipment, benefit generated will be RM10,000.00 for its remaining years. Cost of capital is 5%. REQUIRED: a. Prepare journal entries to record impairment loss for plant and equipment for all related years. (10 marks/ b. On 31st May 2018, MME conducted another impairment test. Prepare journal entries to record reversal of impairment loss (if any) for plant and equipment according to the following scenario: i. The recoverable amount of plant is RM40,000.00 and equipment is RM27,000.00 [5 marks) ii. The recoverable amount of plant is RM55,000.00 and equipment is RM10,000.00 15 marks) Mari-Mari Enterprise (MME) started their business on 15 June 2000 and has the following Property, Plant and Equipment as at 31st May 2010: Types of PPE Useful life Plant 20 years 10 years Acquisition cost and date RM400,000.00 at 1st June 2000 RM150,000.00 at 1st June 2010 Fair Value (1 June 2012) RM200,000.00 RM100,000.00 Equipment All of the assets were recognized at cost and on 1st June 2012 the assets are carried at its revalued amount. In the year 2015, MME plant was damaged by unexpected flooding in the area. MME believed its plant and equipment were impaired due to this event. MME carried out an impairment test on 31st May 2015 and found that if MME were to dispose its plant and equipment, the fair value after disposal costs would be RM100,000.00 and RM50,000.00 respectively. If MME were to continue its operation, benefit generated by the plant was expected to be RM25,000.00 and RM20,000.00 for accounting period end in 2016 and 2017 respectively, and RM 18,000.00 per annum for the remaining years. As for equipment, benefit generated will be RM10,000.00 for its remaining years. Cost of capital is 5%. REQUIRED: a. Prepare journal entries to record impairment loss for plant and equipment for all related years. (10 marks/ b. On 31st May 2018, MME conducted another impairment test. Prepare journal entries to record reversal of impairment loss (if any) for plant and equipment according to the following scenario: i. The recoverable amount of plant is RM40,000.00 and equipment is RM27,000.00 [5 marks) ii. The recoverable amount of plant is RM55,000.00 and equipment is RM10,000.00 15 marks)