B. On 1 January 2016, Monaz Bhd purchased 50% of the ordinary share capital of Empire for RM660,000. Monaz is having joint control in Empire. In the financial year ended 31 December 2020, Empire reported profit before tax at RM350,000. The tax charge was RM30,000. During the financial year ended 31 December 2020, a dividend of RM20,000 was paid by Empire to its shareholders. A review of Monaz's investment in Empire at 31 December 2020 concluded that an impairment had taken place. An impairment loss of RM40,000 was charged in Monaz's consolidated financial statements for the year. Required: (1) Calculate the carrying amount of the investment in Empire to be included in Monaz's consolidated statement of financial position at 31 December 2020. (3 marks) (CLO1:PLO1:05) Differentiate control as per MFRS 11 Joint Arrangement from control in MFRS 3 Business Combination (11)