QUESTION 30 MARIS Heswy Rainy Whe's final verandson 1 December 2000. The company was registered with an authorised capital of 10,000,000 ordinary shows of RM1 each. The financial statements will be autorid for Issue on 30 Apr 2021 The following is the trial balance as at 31 December 2020 Credit Debit RM RM 2,294,500 980,140 412,360 269,740 517450 1.167,000 743,800 1.450,000 1,240,000 Revenue Cost of sales Administrative expenses Distribution coste Deferred dovelopiont coat Plant and machinery Cost Accumulated depreciation et s Jenuary 2020 Land at wluation Bulding Valuation Accumulated depreciation as 1 Januar 2020 Investment property Invertory at 31 December 2020 Retained earringe st 1 January 2020 Revelation reserve et 1 January 2020 Ordinary shere capital 4% redeemable preference shares Rantal income Bank Interim ordinary dividend peld Finance cost 8% lang term loan 99,200 900,000 434,500 424,930 450,800 2.500.000 800,000 137,000 211.750 32,000 48.000 200.000 158,000 Deferred lux Trade and other rocolvablos 362,510 318,120 Trade and other payablos Tax paid 100,000 8.126, 150 8.126, 150 The following additional information is rolovant for the preparation of financial statomonta: 1. Heavy Rainy end revalued its building to RM1,240,000 on 1 January 2016. The carrying amount of the building as at that date was RM750,000 and has a remaining useful life of 50 years. The company makes an annual transfer from the revaluation reserve to retained earnings as the asset is being used and depreciated The building was subsequently revalued on 1 January 2020 at its fair value of RM920,000 Depreciation on building is charged as administrative expenses. Land was subsequently revalued to RM1,500,000 on 1 January 2020. The land was first revalued to RM1,450,000 on 1 January 2016, resulting in a deficit of RM40,000 The current year revaluation of the land and building has not been accounted for inthe books of Heavy Rainy Bhd. 2. On 1 January 2020, ane of the machinery was sold at its fair value of RM175,000 and leated back immediately under an operating lease agreement. The machinery was acquired two years ago at a cost of RM250,000. The leaseback is for 2 years at an annual rental of RM40,000. No entries have been made in respect of this transaction Depreciation an plant and machinery is charged as part of cost of sales. All plant andmachinery are depreciated aver 5 years on monthly basis. 3. The company decided to sell one of its machinery on 1 July 2020. The machinery was acquired on 1 January 2017 at a cost of RM300,000 and has a carrying amount of RM90,000. The machinery is available for immediate sale. A buyer has been located and the sale is expected within one year. The fair value les cost to Sel is RM80.000 4. Inventories on 31 December 2020 included gouds which were obsolete and slow moving The coels of the goods were RM200.000 and these were eventually sold on 30 January 2021 for RM185,500 6. The directors have estimaled the income tax for the year ended 31 December 2020 at RM150,000 excluding the transfer to deferred tax. The deferred tax provision at 31 December 2020 RM 160.000. Required: Prepare the following statements in the form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards a Statement of Profit or loss and Other Comprehensive Income for the year ended 31 December 2020. (D)sclosure of Earnings Per Share is required) (10 marks) b. Statement of Changes in Equity for the year ended 31 December 2020 (5 marka) ( c. Statement of Financial Position as at 31 December 2020 (Note on Property, Plant and Equipment is required) (15 maria)