QUESTION 1

Bina Land Bhd has the following equity balances at 31 December 2018.

RM000

Share Capital Ordinary, 22,000,000 shares outstanding 47,300

Retained Earnings 283,800

Exchange Translation Reserve 5,350

During 2019, the following transactions occurred:

Date	Transactions
20 March	Issued 1 million shares at a price of RM2.20 per share. The transaction cost related to the issuance of shares was RM0.15 per share.
30 September	Declared a 2% share dividend to existing shareholders. The share dividend was distributed on the same date. The market price of share was RM2.40.
31 December	Declared a cash dividend of RM0.50 per share on outstanding shares.

Additional information:

1. Profit for the year 2019 was RM12,000,000.
2. Exchange translation loss recognized during the year 2019 was RM70,000.

Required:

(Round all figures to TWO (2) decimal points)

1. Prepare journal entries to record the above transactions.
2. Prepare the Statement of Changes in Equity for Bina Land Bhd for the year ended 31 December 2019 in accordance with the requirements of MFRS 101 Presentation of Financial Statements.
3. The board of directors of Bina Land Bhd has decided to repurchase the issued shares. The company has surplus cash and intends to distribute to shareholders. The repurchased shares will not be reissued in the future. Propose and briefly explain the appropriate accounting method to record the share repurchase.