Question 1 Given below is the Statement of Financial Position (extract) of GIF Bhd as at 31 December 2020: Issued and Paid Up Capital RM 200,000 Ordinary Shares of RM2.00 Each 400,000 100,000 7% Preference Shares of RM1.00 Each 100,000 Retained Earnings 410,000 Non-Current Liability 10% Debentures 200,000 200,000 6% Redeemable Preference Shares of RM1.00 Each 240,000 During the year ending 31 December 2020, the following transaction took place. 1. All the Redeemable Preference Shares were redeemed at a premium of 20%. The Premium was amortized over the issued period. A new issue of 35,000 ordinary shares each fully paid at RM2.50 per share 2. 3. I was made to partly finance the Redemption of Preference Shares. The issue was fully subscribed. A three year 5% RM3,000,000 Debentures were issued at 97.5% at 1 Jan. 2020 with an effective interest rate of 6%. Cost related to the issue amounted to RM100,000. The Debenture Discount will be amortized. Required: (a) Prepare the journal entries to record the above transactions. (10 marks)