QUESTION 2 (25 MARKS) a) The productive capacity maintenance concepts requires that the assets and liabilities of firm presented in terms of current values. Required: Explain TWO (2) types of current value. (6 marks) b) Discuss the concept of holding gains and losses (4 marks) c) Assume that Joshua invests RM10,000 in a new company, Xpress Trading on 1 January 2017. On the same date, it buys 100 units of advanced scientific calculator specially manufactured for secondary school students, at RM100 per unit. All secondary school students are encouraged to have this kind calculator. During the year, Xpress Trading sells 60 units of calculator at RM115 per unit when the replacement cost is RM120 unit. The replacement cost of the calculator at the end of the year is RM110 per unit, and the expected selling price at the end of the year is RM120 per unit. In early January 2018, Xpress Trading need to submit a few documents including financial statement for the year 2017 to Easy Bank for the purpose of applying financial facilities offered by that entity Required: 1. Prepare the Statement of Profit or Loss and Statement of Financial Position (current asset section only) for Xpress Trading i the company opt to use exit price as measurement QUESTION 2 (25 MARKS) a) The productive capacity maintenance concepts requires that the assets and liabilities of firm presented in terms of current values. Required: Explain TWO (2) types of current value. (6 marks) b) Discuss the concept of holding gains and losses (4 marks) c) Assume that Joshua invests RM10,000 in a new company, Xpress Trading on 1 January 2017. On the same date, it buys 100 units of advanced scientific calculator specially manufactured for secondary school students, at RM100 per unit. All secondary school students are encouraged to have this kind calculator. During the year, Xpress Trading sells 60 units of calculator at RM115 per unit when the replacement cost is RM120 unit. The replacement cost of the calculator at the end of the year is RM110 per unit, and the expected selling price at the end of the year is RM120 per unit. In early January 2018, Xpress Trading need to submit a few documents including financial statement for the year 2017 to Easy Bank for the purpose of applying financial facilities offered by that entity Required: 1. Prepare the Statement of Profit or Loss and Statement of Financial Position (current asset section only) for Xpress Trading i the company opt to use exit price as measurement