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Discuss the accounting treatment of the plant

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Reference no: EM133000426

Question - Zuko had a plant with a carrying value of RM5 mil at 31 Mar x6 which ceased to be used because of a downturn in the economy. The entity had decided at 31 Mar x6, which was its financial year-end, to maintain the plant in working conditions. Zuko subsequently sold the plant by auction on 14 May x6 for RM3 mil net of costs. Discuss the accounting treatment of the plant.

Reference no: EM133000426

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