C. Rayyan Bhd and Sulaiman Bhd established a joint arrangement, Tiara Bhd, a separate vehicle and each owns 50% of the equity shares. The legal form of the separate vehicle states that both parties, Rayyan Bhd and Sulaiman Bhd have rights to the assets and obligations for the liabilities of Tiara Bhd. The contractual terms of the joint arrangement state that Rayyan Bhd has the rights to all of the building assets and the obligation to pay all the third-party debt in Tiara Bhd. Rayyan Bhd and Sulaiman Bhd have rights to all other assets in Tiara Bhd, and obligations for all other liabilities in Tiara Bhd in proportion to their equity. The financial information of Tiara Bhd is as follows: 40 300 40 60 RM (Million) Bank 60 Building 300 Machinery Other debts Employee benefit obligation Equity The Malaysian Financial Reporting Standards (MFRS) 11 Joint Arrangements and MERS 128 (Revised) Investment in Associates and Joint Ventures classified joint arrangement into joint operation and joint venture. i. Identify the type of joint arrangement for the above case. Justify your answer. (2 marks) ii. Prepare Statement of Financial Position in the book of Rayyan Bhd showing the amount from investment in Tiara Bhd only after establishing the joint arrangement above