7. Cheetah Bhd had incurred a transaction cost of RM9,000 to purchase 40,000 RM1 listed equity shares at RM2 per share on 1 June 2019. The company had received dividend RM0.40 per share on 30 November 2019. These shares were traded at RM7.50 at the year ended 31 December 2019.

Required:

Prepare the financial statement (extracts) at 31 December 2019 relating to this investment on the basis that:

1. The shares were bought for trading purposes
2. The shares were bought as a source of dividend income and were the subject of an irrevocable election at initial recognition.