QUESTION 2 [25 MARKS] The Junior Accountant of Peterson Ltd is actually helping in the preparation of the financial statements for the year ended 31 December 2020. He has to decide on the accounting treatment of the following: 1. On 1 July 2019, Peterson Ltd replaced a chiller in one of its factory buildings The cost of the new chiller was $125,000, and the carrying amount of the old chiller was $28,000. The old chiller had a zero-disposal value, and the present value of the cost of decommissioning the new chiller was estimated to be $10,000. 2. During 2020, Peterson Ltd decided to construct a portable sales kiosk for the promotion and marketing of the company's products. The following costs were incurred: 3. Peterson Ltd head office building is included in "Property, plant and equipment". In the past, Peterson has revalued the building each year and transferred any movement to the revaluation reserve. Relevant details of the cost and fair value of the property are as follows: The valuation at 31 December 2020 have not yet been incorporated into the financial statements. REQUIRED In line with the requirements of IAS 16 - Property, plant \& equipment-outline your advice on the correct accounting treatment on each of the issues mentioned above and the corresponding joumal entries required