Required: a. Identify all the relevant journal entries for the redemption of preference shares. b. Prepare the statement of Financial Position of Glory Sdn Bhd as at 1 January, 20x7, after the redemption of preference shares. c. Identify the circumstances where a capital redemption reserve is created, and explain why such a reserve is needed. d. The Companies Act 2016, Section 127(1), allows a public company to purchase its shares if it is authorised by its constitution. Explain with FOUR (4) reasons why Companies buyback their issued shares. [

The statement of Financial Position of Glory Sdn Bhd, a private limited company incorporated in Malaysia, was as follows at 31 December 206. Statement of Financial Position as at 31 December 206 On 1 January, 207 all of the preference shares, which had originally been issued at RM1, were redeemed for cash. The preference shares were redeemed at RM1, to provide funds in part, 9 million ordinary shares were issued at RM1 each