Fancy Fashion Berhad wholesales and distributes fashionable clothes, and provides distribution services to other companies. The following balances have been extracted from

Fancy Fashion Berhads books of account as at 31 December 2019:

Item	RM
Ordinary shares	800,000
5% Redeemable preference shares	200,000
Share premium account	350,000
Retained earnings at 1 January 2019	2,000,000
Revenue	11,899,000
Purchases	8,935,000
Inventories at 1 January 2019	974,000
Staff costs:
Distribution	270,000
Administration	352,000
Depreciation charge for the year:
Freehold land and buildings	30,000
Distribution equipment	11,600
Other plant and equipment	160,000
General expenses	432,000
Interest receivable	41,000
Interest payable	35,000
Taxation charge for the year	336,000
Dividends paid:
Ordinary shares final for 2018	60,000
Ordinary shares interim for 2019	30,000
5% Redeemable preference shares for 2019	10,000
Patent rights	200,000
Freehold land and buildings cost	1,200,000
Distribution equipment cost	800,000
Other plant and equipment cost	1,400,000
1,400,000
Accumulated depreciation at 31 December 2019:
Freehold land and buildings	130,000
Distribution equipment	320,000
Other plant and equipment	250,000
Trade receivables	1,600,000
Trade payables	850,000
Cash and cash equivalents	300,000
Tax liability	400,000

Additional information:

1. Included in revenue are invoices totalling RM120,000 in relation to distribution services rendered under a contract to a customer. The contract price was RM100,000 and provides for a RM20,000 bonus for early completion. The contract is currently 65% complete and management of Fancy Fashion Berhad believe that there is a 55% chance of early completion.

2. The patent was acquired during the year. Amortisation of RM20,000 should be charged to administrative expenses.

3. Inventories at 31 December 2019 were valued at RM1,304,000.

4. Costs not specifically attributable to one of the profit or loss expense items should be split 50:50 between distribution costs and administrative expenses.

5. Inventories carried at RM846,000 were purchased from Hong Kong in Hong Kong Dollar and payment is due on 2 March 2020. At the date of the transaction, the exchange rate was HK$1.55 to RM1.00. At 31 December 2019, the exchange rate was HK$1.50 to RM1.00.

6. A final ordinary share dividend for 2019 of RM50,000 was proposed in May 2020, payable on 28 June 2020.

7. RM450,000 cash was received during the year, as a result of a rights issue of ordinary shares. The nominal value of the shares issued was RM100,000.

8. On 1 June 2019, Fancy Fashion Berhad decided to sell its 2019 loss-making baby clothes division, as a result of severe competition from other companies in the market. Fancy Fashion Berhad is confident that the closure process will be completed by 30 April 2020. The division's operations represent in 2019, 10% of revenue (after all adjustments), 15% of cost of sales, 10% of distribution costs and 20% of administrative expenses. No disclosures are necessary in the statement of financial position.

Required:

Based on the above information, prepare the following financial statements for Fancy Fashion Berhad:

a) statement of profit or loss for the year ended 31 December 2019

b) statement of changes in equity for the year ended 31 December 2019

c) statement of financial position as at 31 December 2019.