As at December 2020, Zilco Bhd acquired an investment of 500,000 ordinary shares in Hollow Bhd amounted at RM1,000,000. The transaction cost incurred for the acquisition was RM150,000. At the same time, Zilco Bhd also issued additional RM5,000,000 8% Redeemable Preference Shares to the public. The brokerage fees incurred was RM200,000.

Required:

Demonstrate the journal entries of the financial assets and financial liabilities, if Zilco Bhd wish to measure the acquisition of financial asset and financial liability as fair value through profit or loss (FVTPL).