Blaze Ltd has decided to purchase shares with a nominal value of 110,000 (originally issued for 120,000) for 140,000. The purchase is to be funded out of distributable profits. The statement of financial position of Blaze Ltd immediately prior to the purchase of the shares is as follows: f Net assets 950,000 Share capital (1 shares) 500,000 Share premium 250,000 Retained earnings 200,000 Required (a) (b) Prepare journal entries to give effect to the above transaction. Prepare the statement of financial position of Blaze Ltd immediately after the purchase. Comment on the capitalisation of capital and revenue reserve of Blaze Ltd after the repurchase of its shares. (c)