Oakridge Ltd. gained control of Ventnor Ltd. by acquiring its share capital on January 1, 2009. The statement of financial position of Ventnor at that date showed:

At January 1, 2009, the recorded amounts of Ventnor€™s assets and liabilities were equal to their fair values except as follows:

All this inventory was sold by Ventnor in the following three months. The depreciable assets have a further five year life, benefits being received evenly over this period. The tax rate is 30%.
At December 31, 2013, the following information was obtained from both entities:

Required
Prepare the consolidated financial statements for Oakridge Ltd. at December 31, 2013.

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60,000 Land Share capital Retained earnings Liabilities 20,000 60,000 Plan and machinery 100,000 15,000 $135,000 15,000 Inventory $135,000 Plant and machinery Inventory Carrying amount $100,000 Fair value $102,000 18,000 15,000 Oakridge Profit before tax Income tax expense Profit for the year Retained earnings (1/1/13) Retained earnings (31/12113) Share capital Liabilities 100,000 20,000 80,000 133,000 213,000 445,000 42,000 700,000 Ventnor 15,000 5,000 10,000 64,000 74,000 60,000 4,000 138,000 Land Plant and machinery Inventory Investment in Ventnor Ltd 571,000 15,000 114,000 700,000 20,000 95,000 23,000 138,000