On January 1, 2013, Miran acquired all the shares of Winter for $160,000. The financial statements of the two entities at December 31, 2013, contained the following information:

Additional information:
1. At January 1, 2013, all identifi able assets and liabilities of Winter were recorded at fair value except for inventory, for which the fair value was $1,000 greater than the carrying amount. This inventory was all sold by December 31, 2013. At January 1, 2013, Winter had research and development outlays that it had expensed as incurred. Miran measured the fair value of the in-process research and development at $8,000. By December 31, 2013, it was assessed that $2,000 of this was not recoverable. At January 1, 2013, Winter had reported a contingent liability relating to a guarantee that was considered to have a fair value of $7,000. This liability still existed at December 31, 2013. At January 1, 2013, Winter had not recorded any goodwill.
2. The bonds were issued by Winter at par value on January 1, 2012, and are redeemable on December 31, 2016. Miran acquired its holding ($60,000) of these bonds on the open market on January 1, 2013. All interest has been paid and refl ected in the records of both entities.
3. During 2013, Miran sold inventory to Winter for $40,000, at a markup of cost plus 25%. At December 31, 2013, $10,000 worth of inventory was still held by Winter.
4. On June 30, 2013, Winter sold land to Miran. Miran paid $30,000 for this land, with Winter having a cost of $24,000.
5. The Other Components of Equity account relates to fi nancial assets, for which an election under IFRS 9 was taken. For 2013, Miran recorded an increase in these assets of $3,000, and Winter recorded a decrease of $2,000.
6. The income tax rate is 40%.

Required
Prepare the consolidated fi nancial statements for Miran and its subsidiary for the year ended December 31, 2013.