Purple Bhd has an equity interest in a number of entities, including Red Bhd. Purple Bhd has recently acquired additional equity in Red Bhd, and the directors of Purple Bhd are unsure how this may impact their consolidated financial statements. The financial year-end is 31 March each year. Initial acquisition of Red Bhd On 1 April 2018, Purple Bhd acquired 30% of the equity shares of Red Bhd. The consideration consisted of RM100 million cash. The carrying amount of the net assets of Red Bhd on 1 April 2018 was RM286 million, which was the same as their fair value. Since then, Red Bhd has been correctly treated as an associate in the consolidated financial statements of Purple Bhd. The remaining 70% of the equity of Red Bhd at 1 April 2018 is owned by a few other investors, none of which hold more than 10% of the equity of Red Bhd. Analysis shows that all shareholders have voted independently in the past. Purple Bhd and Red Bhd share some key management personnel. The subsequent acquisition of Red Bhd Purple Bhd acquired 18% of Red Bhd's equity on 1 April 2022. The consideration for the further 18% of the equity shares of Red Bhd on 1 April 2022 was RM66 million in cash. The fair value of the initial 30% equity interest was RM127 million at 1 April 2022. The carrying amount of the net assets of Red Bhd on 1 April 2022 was RM348 million, including some land revalued upwards by RM15 million and correctly accounted for on 1 April 2021. The remaining 52% of the equity of Red Bhd at 1 April 2022 is owned by a few other investors, none of which hold more than 10% of the equity of Red Bhd. On 1 April 2022, Purple Bhd also acquired some share options in Red Bhd, exercisable until 31 March 2023. The exercise price of the options at 1 April 2022 was just above the market price of Red Bhd's shares. Red Bhd has been profitable for many years and the share price has been on an upwards trend which is expected to continue. Purple Bhd would increase its ownership to 60% should it exercise its rights. It is believed that there would be additional cost savings should the additional shares be acquired, as decisions at the board level could be made more efficiently. Required: ii) Explain how Red Bhd should be accounted for as an associate using the equity method in the consolidated statement of financial position of Purple Bhd at 31 March 2022. Your answer should also explain how the revaluation of the land at 1 April 2021 was accounted for and include all relevant calculations