3. On 1 February 2020, Harraz entered into 10 year joint arrangement with Nuha to manufacture seats for airline company. Both parties have made the following payments in respect of the joint arrangement on 1 February 2020: a. RM40 million each to purchase a joint 20 year leasehold factory b. RM15 million each to purchase new manufacturing equipment, with an expected useful life of 10 years, with zero scrap value. Both parties also agreed to share the operating costs and revenue equally, During the year ended 31 December 2020, the total cash cost of operating the factory was RM20 million paid equally by both parties. The arrangement earned a total revenue of RM50 Million for the current year, and the monies(revenue) has yet to be remitted to Harraz. Required: Explain how Harraz should account for joint arrangement in its financial statement for the year ended 31 December 2020. [6 Marks] 4. On 1 January 2020, Harun purchased 30% of the ordinary share capital of Mujid for RM560,000, which gave it significant influence over Mujid's activities. In the financial year ended 31 December 2020, Mujid reported pre-tax profits of RM240,000. The tax charge was RM40,000. During the financial year ended 31 December 2020, Mujid paid a total dividend of RM 10,000 to its shareholders. In the year ended 31 December 2020, Mujid made a pre tax loss of RM15,000 with a tax credit of RM 2,000. A review of Harun's investment in mujid at 31 Decmeber 2020 concluded that impairment had taken place. An impairment loss of RM90,000 was charged in Harun consolidated financial statements for the year. Required: Calculate the carrying amount of the investment in Mujid to be included in Harun's consolidated statement of financial position as 31 December 2020. [7 Marks]