The Board of Directors of View Bhd proposed to its shareholders at its Annual General Meeting on $31$

December $2022$ to repurchase $20$ million of its issued ordinary shares from the market. The proposal

was accepted by the majority of its shareholders. On $1$ February $2023,$ View Bhd repurchased the

issued ordinary shares from the market at RM$5$ each. The number of issued and paid$-$up ordinary share

capital was $220,000,000$ units, which were issued at RM$1$ each. The retained profits of View Bhd

amounted to RM$480,000,000$ on the purchase date.

Required:

a$)$ Provide requirements for a company to buy back its own shares stipulated in the Bursa Malaysia

Listing Requirements and Companies Act $2016.$

b$)$ Prepare the journal entries to record the repurchase of shares if its policy is to

$($i$)$ keep the shares as treasury shares, or

$($ii$)$ cancel all the purchased shares.

c$)$ Assuming that View Bhd adopted treasury shares policy for its share repurchase:

i$.$ Show the entries to record the reissue of $10$ million at RM$7$ each on $25$ March $2023$; and

ii$.$ Prepare an extract of View Bhd$$s statement of financial position showing the shareholders$$

equity part