QUESTION 1 (15 MARKS) On 1 July 2019, Orkid Bhd. acquired a two type of asset from Showman Bhd. The assets acquired is Plant and Furniture. Assets of Plant had the fair values at that date of RM 300,000 and furniture fair value is RM60,000. In exchange of this assets, Orkid Bhd. issued 200,000 shares with a fair value of RM 3.00 per share. The directors of Orkid Bhd. decide to measure the plant at fair value under the revaluation model and furniture at cost. The plant was considered to have further 10 years life, whereas furniture is depreciated evenly over 5-year period. As at 31 December 2019, Orkid Bhd. assessed the carrying value of its assets as follows: i. Plant was valued as RM296,000 with expected remaining useful life of 8 years. ii. Furniture carrying amount was considered to be less than its recoverable amount Appropriate entries were made at 31 December 2019 for the half yearly accounts. At 30 June 2020, Orkid Bhd. Assessed the carrying amount as follows: i. Plant was valued at RM274,000 ii. The carrying amounts of furniture were less than the recoverable amounts. Required: a. Prepare a journal entry to record the both of the assets in accordance to MERS 116 Property, Plant and Equipment" passed during 2019-2020. (12 marks) b. Briefly explain what is the proposed accounting treatment for the historic painting such as "Monalisa