Question 1: (10 marks) Khalifa Inc. acquired an item of property, plant and equipment on 1 January 2015 at cost of 72 million rupees. The property is depreciated straight-line over 20 years, with nil residual value. At 31 December 2019, the property was revalued to 95 million rupees. The following exchange rates are relevant to the preparation of the financial statements: 1 January 2015 3.6 rupees: $1USD 31 December 2019 4.3 rupees: $1USD Show how the transaction would be recorded in Khalifa's financial statements for the year-ended 31 December 2015. Question 2: (10 marks) On 1 April 2017, a company issued 80,000 $1 redeemable preference shares with a coupon rate of 9% at par. They are redeemable at a large premium which gives them an effective finance cost of 14% per annum. How would these redeemable preference shares appear in the financial statements for the years ending 31 March 2018 and 2019