PART B On 1 January 2021, Flight Limited purchased a new lear jet. The jet, which is to provide international mobility to the company's most senior executives, cost $40 million (excluding VAT). The company intends keeping the jet until it is obsolete (i.e. 20 years) at which time it is expected to have no residual value. Although the invoice did not provide an analysis of the purchase price, it can reasonably be allocated as follows: Additional information: On 30 June 2022, for reasons of convenience, the company undertook the requisite inspection six months earlier than required by the aviation authorities. The cost of the inspection was $2200000 and the next scheduled inspection is 30 June 2024 . Required: Briefly outline how Flight Limited shall account for the inspection cost only during 2022, in accordance with IAS 16 Property, plant and equipment. You must show all appropriate workings including cost and depreciation for the respective periods. (15 Marks)