RCSB bought several paintings from several local street artists for RM3,000 on 1 February 2017. RCSB intend to sell the painting later for capital appreciation. Currently, all the paintings were placed at the board meeting room. As at 31 December 2017, the fair value of the paintings based on professional valuer estimate stand at RM5,000. In addition, RCSB bought several antiques for RM150,000 in May 2017. These antiques were sold for RM200,000 in July 2017. Another set of antiques were purchased in September for RM300,000. As at 31 December 2017, these antiques were valued at RM350,000.

a) Based on the above, discuss on how you would account for the following items by reference to the appropriates approved accounting standards. Support your arguments with reasons.