The following information is related to the obligations of Artic Putih Bhd (APB) for the year 2021. The company uses calendar year basis for the preparation of financial statements.

1. The accounts payable showed a balance of RM187,500 and other unpaid expenses are RM312,500 as at 31 December 2021.

2. Purchase inventories on account from Kunang Sdn Bhd with a cost of RM562,500 on 29 December 2021. The payment to Kunang Sdn Bhd will be made next month. This transaction is not recorded anywhere in the book.

3. Artic Putih Bhd has several long-term notes with financial institutions. The maturity dates and amounts due of these notes are as follow:

Maturity date	Amount Due (RM)
1 February 2022	62,500
1 July 2022	250,000
31 January 2023	193,750
31 December 2024	437,500

The total accrued interests for these notes on 31 December 2021 were RM56,250.

4. On 31 July 2021, a personal injury suits for RM800,000 has been filed against the company by the plaintiff, Encik Kassim (former employee of APB). Based on the judgement of company’s legal advisor, the realization of liability from the above situation is possible.

5. On 13 October 2021, the company made a five-year loan of RM750,000 to be paid in annual instalments of RM150,000. The payment will be made on every 31 March beginning on 31 March 2022.

6. On 31 November 2021, the company’s Board of Directors declared a dividend of RM0.30 per share for the 750,000 units of outstanding ordinary shares. The dividend will be paid on 16 January 2022.

7. APB provides a one-year warranty on one of its best-selling product. During the year 2021, the company sold 18,750 units of the product with a selling price of RM1,900 per unit. Based on experience, it is estimated that only 2% of the product will have a defect. The warranty cost of repairing the product is RM120 per unit. Until 31 December 2021, the actual warranty cost incurred was RM19,500.

REQUIRED:

(a) Prepare a partial Statement of Financial Position (liabilities section) and notes to the financial statements (if any) for Artic Putih Bhd as at 31 December 2021.