Charms Berhad, a limited company, closes its accounts on December 31every you. The company reported the following unadjusted trial balance on December 31, 2016: Debit Credit RM RM Goodwill Property, plant and equipment (nt book value) Long term investment Inventories Trade receivable 32,000 572,000 140,000 53,700 4400 126.200 25.000 12,800 327800 500.900 124,100 35,000 6% Notes payable Trade payable Revenue Cost af sales Administrative expenses Distribution expenses Income tax Prepaid insurance Dividend income (from investment) Ordinary share capital Retained carings Revaluation reserve Dividend 3.000 21.000 400.000 322.400 46.000 31.800 1.675.000 1,675.000 The followings are yet to be adjusted as a year end: 1. The notes payable was issued on September 1, 2016, and will mature on April 30, 2018. No interest has been paid to date. 2. The inventory has a net realizable value of RM50,000. 3. The prepaid insurance was paid on July 3, 2016. for 12 months beginning July 2016. Insurance is part of administrative expense. 4. Included in the property, plant and equipment is a piece of freehold land that was bought in 2014 at a cost of RM350,000. The company decided to revalue the freehold land in line with the recent increases in market value. In December 2016. an independent surveyor valued the freehold land at RM420,000. 3. It is the company's policy to depreciate its remaining property, plant and equipment at 10% per annum. Depreciation expense is classified as administrative expense. 6. Goodwill was tested for impairment. On December 31, 2016, the value of goodwill is RM28,000. Required: a) Journalise the above transactions. b) Prepare statement of profit or loss and other comprehensive income and statement of changes in equity for the year ended December 31, 2016, and statement of financial position as at that date