Format 2: INSPECT statement with REPLACING phrase

1  INSPECT    REPLACING + 
2.1  CHARACTERS
BY
2.2.1 
2.2.1 
2.1 + ? %phrase 1
2.1 
2.2.1 ALL
2.2.1 LEADING
2.2.1 FIRST
2.1 +  
2.2.1 
2.2.1 
2.1 BY
2.2.1 
2.2.1 
2.1 + ? %phrase 1