Jaya Bhd, a company supplying electronic widgets, is currently preparing its financial statements for the year ending 31 December 2019. Below is the trial balance as at 31 December 2019:

	Debit	Credit
	RM	RM
Freehold land at valuation as at 1 January 2019	34,000,000
Building at cost as at 1 January 2019	30,000,000
Plant and equipment at cost as at 1 January 2019	42,310,000
Accumulated depreciation as at 1 January 2019:
Building			3,000,000
Plant			12,693,000
Investment property	8,657,000
Capitalized development cost	23,200,000
Ordinary shares capital			94,000,000
Retained earnings as at 1 January 2019			17,700,000
Asset revaluation reserve			4,000,000
5% Debentures			10,000,000
Trade receivables and payables	864,000		1,240,000
Bank	2,670,000
Inventories	413,000
Tax paid	1,775,000
Cost of sales	15,534,000
Rental income			900,000
Sales revenue			38,614,000
Dividend received			48,000
Interim dividend	1,575,000
Administrative expenses	15,418,000
Distribution expenses	5,331,000
Finance cost	500,000
Accruals			52,000
	182,247,000		182,247,000

Additional information:

1. Included in revenue is RM1.2 million for receipt that the companys auditors have advised is dividend received.
2. The land is revalued every three years and the balance in the asset revaluation reserve is related to the previous years revaluation. Current year revaluation showed a decrease of RM5,000,000 in the value of the land and this has not been recorded.
3. It is the policy of the company to depreciate its building over 50 years on a yearly basis. Plant and equipment are depreciated over 10 years on a yearly basis. Depreciation expense is to be included as part of the administrative expenses.
4. In addition to capitalized development cost of RM23.2 million, further Research and Development cost were incurred on a new project which commenced on 1 January 2019. The research stage of new project lasted until 31 May 2019 and incurred a cost of RM1.5 million. From that date, the project incurred development cost of RM800,000 per month. The directors became confident that the project would be successful. The project is still in development as at 31 December 2019 and the company havent recorded this transaction yet.
5. The tax expense for the year was RM1,500,000.
6. Company made a rights issue of 1 share for every 20 shares held on 31 December 2019. All the shares were taken up by the shareholders.
7. The investment property is measured based on the fair value model. The fair value is estimated at RM9,000,000 as at 31 December 2019.

Required:

Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 and approved accounting standards:

1. Statement of Profit or Loss for Jaya Bhd for the year ended 31 December 2019.(12 marks)
2. Statement of Changes in Equity for Jaya Bhd for the year ended 31 December 2019.(4 marks)
3. Statement of Financial Position of Jaya Bhd as at 31 December 2019. (A note on property, plant and equipment is required)(14 marks)

[30 marks]

Answer all question and show your calculation