2. Naim Bhd was incorporated with an authorized capital of 250,000 10% redeemable preference shares of RMI each and 1,000,000 ordinary shares of RM0.50 each. The following is the Statement of Financial Position of Naim Bhd as at 31 December 2019. Naim Bhd Statement of Financial Position as at 31 December 2019 RM RM Non-current assets Land and building 290,000 Investment 30,000 Current Assets Inventory Debtors Bank 138,000 76,000 169,000 Current liabilities Creditors 33,000 Working capital 350,000 670,000 Authorised share capital 1,000,000 ordinary shares of RM0.50 each 500,000 250,000 10% redeemable preference shares of RMI each 250,000 750,000 Issued and fully Paid-up Share Capital 250,000 ordinary shares of RM0.50 each 125,000 250,000 10% redeemable preference shares of RM1 each 250,000 Share premium 150,000 Retained earnings 145.000 670,000 Additional information: I. Investment costing RM 10,000 were sold at RM25,000 ii. The company made a fresh issue of 300,000 ordinary shares of RM0.50 each at 5% premium for the purpose of redeeming a part of the preference shares. All the new shares were fully paid up. iii. 250,000 10% redeemable preference shares were redeemed at a premium of 10%. All the new shares were fully paid up. iv. The company transferred profit earned to a capital redemption reserve to maintain the capital. v. Premium on redemption shares need to be write off against retained earning or share premium. Required: Prepare the journal entries to record the above transactions. (8) b. Prepare Statement of Financial Position to show the effect of the above transaction. (12) a