Consolidated financial statements, multiple subsidiaries, acquisitions on the same date   LO3 On 1 July 2016, the following balances appeared in the ledgers of the following three companies. Russia Ltd Samoa Ltd Singapore Ltd Retained earnings $20 000 $10 000 $ 5 000 General reserve 8 000 2 000 1 000 Dividend payable 4 000 2 000 — Share capital 80 000 60 000 20 000 The dividends payable on 1 July 2016 were paid in October 2016. For the year ended 30 June 2021, the following information is available. • Inter‐company sales were: – Samoa Ltd to Russia Ltd — $20 000 – Singapore Ltd to Russia Ltd — $15 000 The mark‐up on cost on all sales was 25%. • At 30 June 2021, inventories of Russia Ltd included: – $1000 of goods purchased from Samoa Ltd – $1800 of goods purchased from Singapore Ltd. • The income tax rate is 30%. • Russia Ltd paid $67 200 for 80% of the issued shares of Samoa Ltd at 1 July 2016 when all identifiable assets and liabilities of Samoa Ltd were recorded at fair value. • Samoa Ltd paid $18 750 for 75% of the issued shares of Singapore Ltd at 1 July 2016 when all identifiable assets and liabilities of Singapore Ltd were recorded at fair value as follows. Receivables $ 9 000 Inventories 10 000 Plant 20 000 Total assets 39 000 Liabilities 13 000 Net assets $26 000 • The plant has an expected remaining useful life of 5 years. By 30 June 2017, all receivables had been collected and inventories sold. The financial information for the year ended 30 June 2021 for all three companies was as follows. Russia Ltd Samoa Ltd Singapore Ltd Sales revenue $ 98 400 $ 48 500 $30 000 Cost of sales 61 000 29 000 13 000 Gross profit 37 400 19 500 17 000 Expenses: Selling and administrative (including depreciation) 10 000 5 000 3 000 Financial 3 000 1 000 1 000 13 000 6 000 4 000 24 400 13 500 13 000 Dividend revenue 3 200 4 500 — Profit before income tax 27 600 18 000 13 000 Income tax expense 12 000 8 100 5 200 Profit 15 600 9 900 7 800 Retained earnings (1/7/20) 40 000 20 000 10 000 Total available for appropriation 55 600 29 900 17 800 Transfer to general reserve 4 000 1 900 — Dividend paid 5 000 2 000 4 000 Dividend declared 5 000 2 000 2 000 14 000 5 900 6 000 Retained earnings (30/6/21) 41 600 24 000 11 800 General reserve 12 000 3 900 1 000 Share capital 80 000 60 000 20 000 Total equity $133 600 $ 87 900 $32 800 Receivables 18 000 25 000 11 000 Inventories 25 000 26 400 13 800 Shares in Samoa Ltd 65 600 — — Shares in Singapore Ltd — 18 750 — Plant 50 000 39 750 20 000 Total assets $158 600 $109 900 $44 800 Provisions 20 000 20 000 10 000 Dividend payable 5 000 2 000 2 000 Total liabilities $ 25 000 $ 22 000 $12 000 Net assets $133 600 $ 87 900 $32 800 Required Prepare the consolidated financial statements for Russia Ltd’s group and all its subsidiaries at 30 June 2021.