Please answer task 1(c). Answer must include all workings and explanations. This question is based on MFRS 137

TASK 1: Pinang Berhad is a company that carries out a diverse range of activities. It is proud of its reputation as a 'caring' organisation and has adopted various ethical policies towards its employees and the wider community in which it operates. As part of its annual financial statements, the company publishes details of its environmental policies, which include setting performance targets for activities such as recycling, controlling emissions of noxious substances and limiting use of non-renewable resources. The finance director is reviewing the accounting treatment of various items prior to finalising the financial statements for the year ended 31 December 2021. All items are material in the context of the financial statements as a whole. The financial statements are due to be approved by the directors on 31 March 2022. Required: Explain the appropriate accounting treatment for each of the above items in accordance to the Malaysian Financial Reporting Standards (MFRS), for the year ended 31 December 2021. (Total 35 marks) (c) On 15 November 2021, the board of Pinang Bhd decided to close down a large factory in Pulau Kapas. On 23 December 2021, a detailed plan for closing down the factory was prepared by the board and announcements were made to employees concerning redundancies. In addition, letters were sent to customers advising them of the proposal and recommending alternative suppliers. The accountant proposed to make a provision for the restructuring costs amounted to RM90 million as at 31 December 2021. Details of the restructuring costs were as follows: RM' million Redundancy costs 50 Staff retraining 20 Estimated operating loss for the 2 months to 28 February 2022 18 Profit on sale of property 2 (8 marks)