Format 2: INSPECT statement with REPLACING phrase

1 INSPECT identifier-1 REPLACING
2+ 
2.0 CHARACTERS BY
2.0.1 identifier-5
2.0.1 literal-3
2.0.2+ 
2.0.2 %phrase 1
2.0.0 ALL
2.0.0 LEADING
2.0.0 FIRST
2.0.1+ 
2.0.1.0 identifier-3
2.0.1.0 literal-1
2.0.1.1 BY
2.0.1.2 identifier-5
2.0.1.2 literal-3
2.0.1.3+ 
2.0.1.3 %phrase 1

phrase 1

1 BEFORE
1 AFTER
2? INITIAL
3 identifier-4
3 literal-2