Teguh Bhd acquired an asset worth RM50,000 on 1 January 2015. On 31 December 2015, similar asset had been actively traded in the market at a value of RM80,000. Required: a) Assuming the asset is an animal used in agricultural activity for breeding purposes. Identify the relevant financial reporting standards to recognise the animal. Explain the accounting treatment of the asset for the year ended 31 December 2015 (cost to sell is RM600). (4 marks) b) Assuming the asset is a collection of computer programs with finite legal life of 10 years. i. ii. i. ii. Identify the relevant financial reporting standards to recognise the asset. Explain the accounting treatment of the asset for the year ended 31 December 2015 (using the revaluation model).