Question 4 Pangkor entered the following transactions during the financial year ended 30 September 2021. Pangkor acquired a patent on 1 October 2020 for RM200,000, expiring on 30 September 2028. ii. On 1 January 2021, Pangkor acquired a brand from a competitor for RM500,000. The directors of Pangkor assessed the useful life of the brand as five years. iii. During the year, Pangkor spent RM400,000 on developing a new brand name. The development was completed on 1 April 2021. The useful life of this brand has been assessed as ten years. iv. Pangkor invested RM340,000 in a research and development project to produce a better-quality material for its product. The tests is still on-going and inconclusive as at the financial year end. Required: (a) Advise directors of Pangkor how each of the above transactions should be accounted in its financial statements. (12 marks) (b) Prepare extract of Statement of Financial Position as at 30 September 2021, showing movement for each of the relevant items above separately. (8 marks)