Beng Engineering Supplies Pte Ltd is a company incorporated in Singapore and adopts the Singapore Financial Reporting Standards (FRSs). The trial balance of Beng Engineering Supplies Pte Ltd as at 31 December 20X1 is given below.

Before you finalise the accounts, you are given the following additional information which has not been taken into account in the accounting books:

Additional information:

(1) On 23 December 20X1, the company delivered an outstanding order for a customer worth $5,500. The customer had previously paid for the order and the payment received was recorded.

(2) On 27 December 20X1, Joe Machinery Pte Ltd invested in the company by supplying a machinery worth $40,000. Beng Engineering Supplies Pte Ltd in turn issued its ordinary shares to Joe Machinery Pte Ltd.

(3) On 28 December 20X1, the company received an invoice for its utilities amounting to $950.

(4) On 29 December 20X1, a customer paid $4,000 for goods to be delivered on 6 January 20X2.

(5) The investment in BB Ltd was treated as a fair value through other comprehensive income investment. On 31 December 20X1, the fair value of the investment was $250,000.

(6) The company adopts the periodic inventory system. The inventory at the end of the year amounted to $10,000.

(7) Assume other adjustments and depreciation have been recorded.

Required:

(a) Apply the accrual accounting concepts and prepare all necessary and adjusting journal entries (journal narratives and dates NOT required) required by 31 December 20X1 based on the additional information provided. Please show all workings clearly.

(b) After making all the necessary adjusting entries, present:

(i) The statement of comprehensive income in a one-statement format for Beng Engineering Supplies Pte Ltd for the year ending 31 December 20X1.

(ii) The statement of changes in equity for Beng Engineering Supplies Pte Ltd for the year ending 31 December 20X1.

(iii) The statement of financial position for Beng Engineering Supplies Pte Ltd as at 31 December 20X1.

Please show all supporting workings clearly.