I NEED HELP ASAP PLEASE! I ONLY HAVE 30 MINUTES TO ANSWER THIS

B. Gagah Perdana Berhad is an infrastructure company. Below is the extract of Statement of Financial Position of the company as at 30 June 2020.

Gagah Perdana Berhad

Statement of Financial Position (extracted) as at 30 June 2020

Issued and fully paid up capital :

Ordinary share:

(60 million issued at RM 1 each) 60,000,000

Retained profit 45,000,000

Non-current liabilities:

20 million, 7.5% redeemable preference share 20,000,000

In an effort to increase shareholders value, the management of the company decided to redeem all the redeemable preference share at a premium of 5% out of companys profit. .

Required:

i. Show the relevant journal entries for the redemption of redeemable preference shares by the company. (8 marks)

ii. Prepare the extract of Statement of Financial Position for the company subsequent to the redemption of redeemable preference shares.

(3 marks)

iii. State any one (1) method that can be used by the companies to redeem their preference share other than the method that has been mentioned above.

(1 marks)