Statement of Financial Position 2020 (RM000) Assets 24,000 Liabilities 12,500 Equity (Net assets) 11,500 Statement of Financial Position 2019 (RM'000) Assets 20,000 Liabilities 11,200 Equity (Net assets) 8,800 During 2020, Company A engaged in the following transactions: Issued 8,000 units of ordinary shares at 80 sen each. Paid dividend of 5 sen per unit on its ordinary shares of 120,000 units. Revalued its freehold land and increased the reported value of its freehold land by RM150,000. This is reported as revaluation surplus under other comprehensive income. Required: Calculate the total comprehensive income for the year 2020 using the balance sheet approach to calculating profit. Other things being equal, what is the net income reported on the income statement for the year 2020? Prepare the SOCIE for the year 2020. 33 Use these formulas Formula 1 Total Comprehensive Income = Net Assetst+1- Net Assetst - (Net investment by owners) Net investment by owners = Increases in capital - (Distribution to shareholders) Balance Sheet Approach Dividend Formula 2 Total Comprehensive Income = Net Income + Other Comprehensive Income