Please answer the question 1 and question 7 in full format

Question 1 Tap Sdn Bhd bought an asset on 5 April 2017 at a cost of RM180,000. The asset had an expected useful life of 10 years and an expected residual value of RM20,000. The company applies straight-line depreciation to this category of non-current assets. It also charges a full year depreciation in the year of acquisition and no depreciation in the year of disposal. Its financial year ends on 31 December. At 31 December 2018, the company revalued the asset to RM240,000. Its expected remaining useful life is now 8 years, but its expected residual value is zero. Required: (a) Show in T account the accounting entries required to record the revaluation of the asset on 31 December 2018. [4 marks] (b) The asset was sold on 12 February 2020 for RM235,000. Calculate the gain or loss on disposal reported in the income statement for Year 2020, and show the total effect on the disposal on the retained earnings of the company. Ignore taxation. Question 7 The following balances were extracted from the books of Kopiko Sdn Bhd for the year ended 31 December 2018. Dr (RM) Cr (RM) Land 500,000 Building 200,000 Motor vehicles 120,000 Plant and machinery 70,000 Retained profit as at 01.01.2018 312, 150 8% debenture 150,000 Ordinary share at RM0.50 each 200,000 Share premium 30,000 Acc depreciation as at 1.1.2018: -Building 60,000 -Motor Vehicles 69,250 -Plant & Machinery 40,000 Retums 3,600 4,100 Revenue 700,000 Purchases 400,000 Discounts 5,000 3,500 Carriage inwards 7,700 Carriage outwards 8,000 Opening inventory 52,000 7% Preference shares 50,000 Provision for bad debts 2,000 Trade receivables / Trade payable 66,000 43,200 General reserve 25,000 Advertising 18,000 Staff training cost 4,000 Bad debts 12,500 Motor expenses 27,000 Rental 90,000 Bank 7,600 Wages and salaries 115,000 Proceed from sale of motor vehicles 8,000 Debenture interest 6,000 1,704,800 1,704,800 Additional information: (0) Closing inventory at 31 December 2018 was valued at RM65,000. This excluded the following items: a) Product A, which had cost RM3,000 to produce and had a net realisable value of RM2,900; and b) Product B, which was partly completed. This had incurred costs to date of RM900 and it is estimated that it will require a further RM500 to complete (ii) In December 2018, the company sent goods on a sale or return basis to one of their customers. These goods were included, at their sales value, in the revenue figure in the trial balance. These goods had a cost price of RM8,000 and it is the policy of the company to add a margin of 20% to these types of goods. As at 31 December 2018 the customer had not agreed to buy these goods. One of its customers, Antrim Sdn Bhd, who owed RM4,000, was declared bankrupt. This is to be written off. (iv) The provision for bad debts should be 4% of trade receivables. (v) In December 2018, the company got the land professionally valued at RM600,000. The company has decided to include this valuation in their financial statement. (vi) Rent prepaid during the period was RM8,000 at the end of the year. (vii) The proceeds for sale of a motor vehicle, in the trial balance, relates to the disposal, in of a motor vehicle that was purchased for RM12,000 during 2016. (viii) Depreciation is to be charged as follows: -Buildings 2% on cost -Plant and machinery 20% on cost -Vehicles 25% reducing balance Full year's depreciation is charged in the year of purchase and none in the year of sale. (ix) Provide for the debenture interest and preference dividend outstanding at year end. (x) During January 2018, the company realised that the closing inventory at 31 December 2017 was understated by RM7,700. Required: In accordance to MFRS 101 Presentation of Financial Statements (as amended), (a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2018 (Show workings where appropriate); [20 marks] (b) Prepare the Statement of Financial Position for the year ended 31 December 2018 (Show workings where appropriate)