QUESTION 3 Kuntum Bhd acquired a special asset at the cost of RM500,000 on 1 January 2019. The asset has a useful life of 20 years. The asset was valued by an independent valuer on 31 December 2020 for RM580,000. The accounting year end of the company was 31 December. The company adopts the following measurement model for different types of non-current assets: Revaluation model for property, plant and equipment Fair value model for investment property As the account executive, you have been assigned to handle the accounting treatment of the special asset. Required: a. Discuss the accounting treatment of the asset assuming the asset is for use in the production or supply of goods for more than one accounting period. (State the relevant MERS.) (5 marks) b. Discuss the accounting treatment of the asset assuming the asset is still vacant and held for undetermined future use. (State the relevant MERS.) (5 marks) (Total: 10 marks)