Amazing Ltd. owns and operates a refinery that cost $15.6 million since January 2014. It is being depreciated at 10% on cost. On 1 January 2016, the factory was damaged. Repair works are not possible but it can still operate a reduced capacity. The remaining life of the plant is now reduced to only five years Based on the reduced capacity, the company expects to generate $1.5 million cash per annum from 2016 to 2020 but can be disposed for $6 million. Amazing Ltd. was also offered a trade-in value of $12 million against a replacement factory which had a cost of $7.5 million. Amazing Ltd. is reluctant to replace the plant. The trade-in value is available only if the plant is replaced The pre-tax cost of capital for Imaginar is 10%. With reference to the relevant MFRS, calculate the accumulated depreciation, accumulated impairment and carrying amount of asset to be recognised in Amazing Ltd. financial statements: i. Immediately before impairment of asset. Immediately after impairment of asset. ii. iii. As at 31 December 2016. iv. State the main standard applicable to the above situation and explain your calculations.