QUESTION 1 (20 MARKS) a) By giving an example, briefly explain what is an impairment of plant, property and equipment Also, explain how carrying amount is different from recoverable amount (8 marks) b) SHFZ Company decided to review of their properties that may be subject to impairment. The cost incurred to build one particular property in 2015 was RM600,000 and it has a useful life of 50 years with residual value of RM25,000. All properties of SHEZ Company are depreciated using straight line method, with revaluation every 3 years and revaluation surplus or deficit, if any, transferred to retained earnings when properties are derecognise The new carrying amount for the property as at 31 December 2017 was determined to be RM861,600. At the end of the financial year 2018, it was determined that there was a need to do impairment test for the property and the relevant values as at 31 December 2018 were: fair value less costs to sell - RM485,000; value in use - RM400,000. A year later, it was found that the condition that called for impairment in previous year has ceased to exist and as at 31 December 2019, the recoverable amount of the property was determined to be RM750,000. Show the journal entries in relation to the property for financial year end 31 December 2015, 2016, 2017, 2018 and 2019. (12 marks)