Naga Bhd acquired an 80% interest in Garuda Bhd on 31 December 2012 . The acquisition was paid in cash RM 300,000 and issued 600,000 new ordinary shares of Naga Bhd for RM1.50 per share with par value RM1.00. On this date, the financial position statement of both company before the acquisition are as follow: All identifiable assets and liabilities of Garuda Bhd are stated at fair value except land which was revalued at RM450,000. The non-controlling interest was fair valued at RM300,000. REQUIRED: a) Calculate the cost of investment in Garuda Bhd and prepare the related journal entries to record the cost of investment. b) Prepare the consolidation journal entries as at 31 December 2012. c) Prepare a consolidated statement of financial position as at 31 December 2012