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Zuko had a plant with a carrying amount of RM5 million at 31 March x6 which ceased to be used because of a downturn in the economy. The company had decided at 31 March x6, which was its financial year end, to maintain the plant in working condition in case of a change in economic conditions. Zuko subsequently sold the plant by auction on 14 May x6 for RM 3 million net of costs.
Required:
Problem 1: Discuss the accounting treatment of the plant.
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