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Superior Corp acquired a manufacturing plant with a suggested market price of $700,000 on 1 January 2022. Along with the acquisition cost, the company incurred expenses of $30,000 for transportation and insurance and another $40,000 for set-up charges. Superior Corp benefited from a 6% early payment discount provided by the dealer and settled the bill within the specified timeframe. The manufacturing plant was projected to operate consistently over 12 years, with a salvage value of $40,000. After six years, on 1 January 2028, the plant underwent significant repairs amounting to $6,000. Simultaneously, an additional investment of $170,000 was made to enhance the plant's daily production capacity. This upgrade was anticipated to prolong its total operational life by 4 years, with the salvage value still standing at $40,000. (a) Determine the initial recorded value of the manufacturing plant in the accounts upon its purchase. Provide a detailed breakdown of the amounts to be included or excluded. (b) Explain how the treatment of the costs incurred after six years (i.e., 1.1.28). (c) Determine the depreciation expense for the manufacturing plant for the fiscal year ending 31 December 2028. (d) Draft the journal transactions for depreciation as of 31st December 2028. (e) How would the manufacturing plant be presented in the balance sheet as of the end of 2028

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