NamOnline Ltd (NamOnline) is a business that operates to sell their products online. It hosts its own website from a server situated on their property, it has a storage warehouse for goods that still need to be delivered, as well as multiple production plants that manufactures the goods which are sold online. All production plants in the company is depreciated over a period of 5 years. One of the plants of NamOnline has been purchased at a cost price of N$ 1 000 000 and has a carrying value of N$ 800 000 on 1 Jan 2020. On 30 June 2020 management decided to sell the plant within 1 year and all classification requirements in respect of the scope of IFRS 5, Non-current assets held for sale and discontinued operations, are met on this date. The Fair Value of the plant, excluding the costs to sell is N$ 700 000 on 30 June 2020. The costs to sell the plant amounts to N$ 25 000. The financial year end for the company is 31 December 2020. Please note that no deferred tax calculations are required. Management is considering to do more business with their family members and would like to purchase other companies of which they will have control. They are however concerned about the requirements of disclosing related party transactions, and would like to find out more about this from you. Required a) Please calculate the carrying amount of the plant as on 30 June 2020. (5) b) Please determine whether an impairment loss should be recognised and at what amount the impairment loss should be, if there is an impairment loss. (5) c) Please provide the journal entries to account for the non-current assets held for sale. Journal narrations are not required. (12) d) Discuss why it is important to disclose related party transactions, explaining the criteria which determine a related party relationship. (8