Eko Refineries Limited (ERL), a Lagos-based petroleum company, acquired the following non-current assets during the year ended 31 December 2023: (i) A refinery plant purchased on 1 January 2023 for N180,000,000. The plant has an estimated useful life of 15 years and a residual value of N18,000,000. ERL uses the straight-line method of depreciation for plant. (ii) A delivery truck acquired on 1 April 2023 for N12,000,000. The truck is depreciated using the reducing balance method at 25% per annum. ERL charges depreciation on a time-apportioned basis. (iii) On 1 July 2023, ERL exchanged an old generator (original cost N6,000,000, accumulated depreciation at date of exchange N4,200,000) for a newer model. The fair value of the old generator at the exchange date was N2,400,000 and ERL paid an additional N3,600,000 cash. The new generator is to be depreciated straight-line over 8 years with no residual value. Additional information: - ERL's accounting policy is to charge a full year's depreciation in the year of acquisition and none in the year of disposal, except where assets are acquired or disposed of mid-year, in which case depreciation is time-apportioned. - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in Nigeria. Required: (a) Calculate the depreciation charge for each of the three assets for the year ended 31 December 2023. (9 marks) (b) Compute the gain or loss on the exchange of the old generator and state how it should be treated in the financial statements. (6 marks) (c) Prepare the extracts of the Statement of Financial Position as at 31 December 2023 showing the carrying amounts of all three assets (refinery plant, delivery truck and new generator). (5 marks) Total: 20 marks