QUESTION 4 The following balances were extracted from Magnolia Bhd as at 31 December 2020. Additional information: 1. At the end of the year, the following expenses were still outstanding: a. Auditor's fees amounted to RM5,000 b. Advertising expenses amounted to RM3,000 2. Depreciation on property, plant and equipment were to be provided as follows: i. Motor vehicles 10% on carrying value ii. Office equipment 5% on cost iii. Plant and machinery 12% on cost 3. The board of directors declared a final dividend for preference shares and 5% final dividend for ordinary shares on 21 December 2020. 4. Part of interest on loan was still unpaid. 5. Taxation expenses for the year was RM520,255. 6. A transfer of RM55,000 is to be made from retained earnings to general reserves. Required: a. Prepare the following financial statements in a form suitable for publication and in compliance with the Companies Act 2016 and related Malaysian Financial Reporting Standards (MFRS) : i. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020. (7 marks) ii. Statement of Changes in Equity for the year ended 31 December 2020. (4 marks) iii. Statement of Financial Position as at 31 December 2020. (8 marks) iv. Notes for property, plant and equipment. (6 marks) (Total: 25 marks)