Hibiscus Berhad a manufacturer of artificial flowers purchased a new piece of Equipment A on 1 April 2020 which was priced at RM200,000 from an equipment manufacturer. Equipment A was transported and installed on the same day of purchase. Transportation costs involved amounted to RM1,000, while the insurance against damage for Equipment A while being transported to the business premise at Kulim Industrial Park amounted to RM600. Hibiscus had to pay RM7,400 to the vendor to install Equipment A at its premise. Assume that the equipment can be used for 8 years and the salvage value is estimated to be RM10,000. Equipment B was bought on 1 February 2021 for RM150,000 to cater for the rapidly growing demand from Hibiscus's customers. Estimated useful life for Equipment B is 10 years from the date of purchase with estimated salvage value to be 10% of the cost. All payments were made by cheque except for the equipment bought on 1 February 2021 which was partly paid by cheque of RM50,000 and partly by a loan from Berjaya Bank. Hibiscus uses the straight-line method for calculating depreciation. The depreciation expense to be apportioned on the basis of one month's ownership requires one month's depreciation expense. The company's financial year ends on 31 December each year. Required: a. Prepare the journal entries to record the acquisition of the assets in 2020 and 2021. b. Prepare the equipment account and accumulated depreciation of equipment account for the years 2020 and 2021. c. Prepare the extract of the Statement of Financial Position for the years ended 2020 and 2021.