2. Investment properties consists of two three-storey buildings rented out for capital appreciation. On 1 January 2021, one of the building has been used as company office for administrative purposes. Investment properties are measured using fair value model. As at financial year end, the fair value of investment properties is RM1,600,000 for each building. Both buildings have a remaining useful life of 25 years.

3. The net taxable temporary differences for the year ended 31 December 2020 and 31 December 2021 were RM1,010,710 and RM1,450,000. The previous years tax rate was 28%. The temporary differences did not account for the cost of renovation work incurred during the year.

a) journal entries for the additional information (show all workings)

QUESTION 1 Golden Phoenix Bhd is a manufacturing company engaged in food and beverages industries. The company was listed in Bursa Malaysia since 2010 with 10,000,000 units of ordinary shares, 1,000,000 units of 5% cumulative preference shares and 1,000,000 units of 6% convertible debentures as at 31 December 2021 . The trial balance of the company based on the unadjusted balances is shown below: 1. Below are details on land and buildings as at 31 December 2021: The changes in the fair value have not been recorded by the company. The fair value of the building includes the value of renovation and transfer from investment properties. On 30 June 2021, the company decided to do some renovation works to one of the old building with a carrying value of RM3,500,000 (cost; RM4,000,000 ) to expand the storage facility in order to meet the increasing demand for food and beverages. The company issued RM5,000,000 6% cumulative irredeemable preference shares to finance the renovation. This renovation will extend the useful life of the building for another 3 years. All property, plant and equipment are depreciated using straight line method on yearly basis