Excelente Bhd is a public listed company that is established in 2012 and incorporated in Malaysia. The main activity of Excelente Bhd is manufacturing and distributing poultry products. As at 30 June 2022 , the company has 40,000,000 units of ordinary shares and 10,000,000 units of 5% noncumulative preference shares. The draft statement for financial position prepared by a newly appointed accounts executive as at 30 June 2022 was as follows: The draft statement of profit or loss for the year ended 30 June 2022 was given below: The following notes are related to the figures given above: 1. The land was revalued on 1 July 2021 at RM20,000,000. The change in fair value of the land had not been recorded by the company. The remaining useful life of the building at 1 July 2021 was 30 years. The land is not depreciated. It is the policy of the company to adopt the revaluation model for land and cost model for building. 2. On 1 January 2022, Excelente Bhd acquired an equipment valued at RM1,200,000. The seller had agreed to accept payment either in cash or in shares. The seller could choose either to accept 640,000 shares to be issued in six months' time or to receive cash payment in three months' time equivalent to the market value of 600,000 shares. It is estimated that the share price will be RM2.00 in the March 2022 and RM2.10 in June 2022. The price of Excelente Bhd's shares on 1 January 2022 was RM1.75. Excelente Bhd settled the acquisition by cash in March 2022. This transaction had not yet been recorded. The equipment has an expected useful life of 10 years, depreciated using straight line basis on yearly basis, and fixtures and fittings are depreciated at 10% on book value. For taxation purposes, the equipment is entitled to a 10% initial allowance and a 5% annual allowance. 3. The company adopted fair value model for its investment properties. The fair value as at 30 June 2022 was RM10,000,000. 4. The investment held by Excelente Bhd comprises of 2,000,000 ordinary shares in Midi Bhd which was measured at fair value through profit or loss. The shares were acquired by Excelente Bhd during the year. As at 30 June 2022, the fair value of one unit of Midi Bhd's ordinary shares was RM3.75. This value had yet to be reported in Excelente Bhd's financial statements. 5. Excelente Bhd operated a funded defined benefit retirement plan for its employees. The defined benefit liability as at 1 July 2021 was made up of the following: The related transactions to the retirement plan that occurred during the year ended 30 June 2022 were as follows: Excelente Bhd used a rate of 7.5% that reflected the yield of corporate bonds issued by the bank for discounting purposes and as its expected rate of return from the plan asset. The fair value of the obligation and plan asset as at 30 June 2022 is estimated to be RM7,060,000 and RM5,220,000 respectively. 6. The 8% convertible debentures were issued on 1 January 2022 and are convertible into ordinary shares on the basis of 200 shares per RM100 debentures. None of the convertible debentures were converted as at 30 June 2022 . The debenture interest is payable on 31 December 2022. 7. The interim dividend paid for the year included half year dividend for 5% non-cumulative preference shares. The interim dividend had been recognised in the statement of profit or loss for the year. Excelente Bhd declared an ordinary dividend of 2.5% on 28 June 2022 which would be paid on 10 August 2022. 8. The tax paid is for current tax expense which the management estimated to be RM554,000. The taxable temporary differences and deductible temporary differences for assets and liabilities in the statement of financial position as at 30 June 2022 are RM5,560,000 and RM2,840,000 respectively. The temporary differences did not account for the purchase of new equipment during the year. 9. The income tax rate for year was 25%. Required: Prepare the following financial statements in a form suitable for publication: b. Statement of changes in equity for the year ended 30 June 2022. Excelente Bhd is a public listed company that is established in 2012 and incorporated in Malaysia. The main activity of Excelente Bhd is manufacturing and distributing poultry products. As at 30 June 2022 , the company has 40,000,000 units of ordinary shares and 10,000,000 units of 5% noncumulative preference shares. The draft statement for financial position prepared by a newly appointed accounts executive as at 30 June 2022 was as follows: The draft statement of profit or loss for the year ended 30 June 2022 was given below: The following notes are related to the figures given above: 1. The land was revalued on 1 July 2021 at RM20,000,000. The change in fair value of the land had not been recorded by the company. The remaining useful life of the building at 1 July 2021 was 30 years. The land is not depreciated. It is the policy of the company to adopt the revaluation model for land and cost model for building. 2. On 1 January 2022, Excelente Bhd acquired an equipment valued at RM1,200,000. The seller had agreed to accept payment either in cash or in shares. The seller could choose either to accept 640,000 shares to be issued in six months' time or to receive cash payment in three months' time equivalent to the market value of 600,000 shares. It is estimated that the share price will be RM2.00 in the March 2022 and RM2.10 in June 2022. The price of Excelente Bhd's shares on 1 January 2022 was RM1.75. Excelente Bhd settled the acquisition by cash in March 2022. This transaction had not yet been recorded. The equipment has an expected useful life of 10 years, depreciated using straight line basis on yearly basis, and fixtures and fittings are depreciated at 10% on book value. For taxation purposes, the equipment is entitled to a 10% initial allowance and a 5% annual allowance. 3. The company adopted fair value model for its investment properties. The fair value as at 30 June 2022 was RM10,000,000. 4. The investment held by Excelente Bhd comprises of 2,000,000 ordinary shares in Midi Bhd which was measured at fair value through profit or loss. The shares were acquired by Excelente Bhd during the year. As at 30 June 2022, the fair value of one unit of Midi Bhd's ordinary shares was RM3.75. This value had yet to be reported in Excelente Bhd's financial statements. 5. Excelente Bhd operated a funded defined benefit retirement plan for its employees. The defined benefit liability as at 1 July 2021 was made up of the following: The related transactions to the retirement plan that occurred during the year ended 30 June 2022 were as follows: Excelente Bhd used a rate of 7.5% that reflected the yield of corporate bonds issued by the bank for discounting purposes and as its expected rate of return from the plan asset. The fair value of the obligation and plan asset as at 30 June 2022 is estimated to be RM7,060,000 and RM5,220,000 respectively. 6. The 8% convertible debentures were issued on 1 January 2022 and are convertible into ordinary shares on the basis of 200 shares per RM100 debentures. None of the convertible debentures were converted as at 30 June 2022 . The debenture interest is payable on 31 December 2022. 7. The interim dividend paid for the year included half year dividend for 5% non-cumulative preference shares. The interim dividend had been recognised in the statement of profit or loss for the year. Excelente Bhd declared an ordinary dividend of 2.5% on 28 June 2022 which would be paid on 10 August 2022. 8. The tax paid is for current tax expense which the management estimated to be RM554,000. The taxable temporary differences and deductible temporary differences for assets and liabilities in the statement of financial position as at 30 June 2022 are RM5,560,000 and RM2,840,000 respectively. The temporary differences did not account for the purchase of new equipment during the year. 9. The income tax rate for year was 25%. Required: Prepare the following financial statements in a form suitable for publication: b. Statement of changes in equity for the year ended 30 June 2022