Question 1 (10 marks) On 1 January x2, Raymond Enterprise acquired a plant costing RM 190,000 whose economic life was estimated to be eight years with no scrap value. The plant was depreciated on a straight line basis. On 1 January 5, Raymond incurred the following costs: RM Repairs and annual overhaul of the plant 25,000 Purchase of spare parts 4,000 Replacement of a new major part of the plant which 120,000 reduced the operating costs The original cost of the part being replaced 35,000 The carrying amount of the part being replaced 15,000 Required: Discuss the accounting treatment as per MFRS116 and the value of the asset as at 31/12/x5