On 1st January 2020, Syazwani Bhd together with Shazana Bhd set up a joint operation that provides both parties to have joint control. For capital contribution, Syazwani Bhd has recorded its interest in the joint operation at RM30 million, being the amount of cash contribution upfront. Apart from recording its assets and liabilities in the joint operation directly, Syazwani Bhd has rights to a 60% share in the property, plant and equipment, a 50% share in the current assets, and a 75% share of the liabilities. In addition, Syazwani Bhd has a share of 55% revenue and 60% share of expenses Relevant financial information of the joint operation for the first year is as follows: Sales Expenses Property, plant and equipment Current assets Liabilities Initial capital RM (million) 100 60 100+ 60 80 40 + Required: a) Compute the profit from joint operation for the financial year, 2020. (2 marks) b) Prepare the journal entries for Syazwani Bhd. to account for its interest in the joint operation (11 marks) c) Compute the interest in joint operation at the end of the financial year, 2020. (2 marks) On 1st January 2020, Syazwani Bhd together with Shazana Bhd set up a joint operation that provides both parties to have joint control. For capital contribution, Syazwani Bhd has recorded its interest in the joint operation at RM30 million, being the amount of cash contribution upfront. Apart from recording its assets and liabilities in the joint operation directly, Syazwani Bhd has rights to a 60% share in the property, plant and equipment, a 50% share in the current assets, and a 75% share of the liabilities. In addition, Syazwani Bhd has a share of 55% revenue and 60% share of expenses Relevant financial information of the joint operation for the first year is as follows: Sales Expenses Property, plant and equipment Current assets Liabilities Initial capital RM (million) 100 60 100+ 60 80 40 + Required: a) Compute the profit from joint operation for the financial year, 2020. (2 marks) b) Prepare the journal entries for Syazwani Bhd. to account for its interest in the joint operation (11 marks) c) Compute the interest in joint operation at the end of the financial year, 2020. (2 marks)