Preparation of financial statements applying AASB 141/IAS 41    LO10 Sorrell Ltd owns sheep and the end of its reporting period is 30 June. The sheep are held to produce wool. At 1 July 2019, Sorrell Ltd had 1000 sheep and 200 lambs, with a fair value (less costs to sell) of $200 per sheep and $50 per lamb. During the year ended 30 June 2020 the following occurred. • 100 new sheep were purchased at $210 each. • 20 lambs matured into sheep. • 3 lambs died. • 15 lambs were born. • 100 sheep were sold for $240 each. • Salaries and other operating costs were $34 000. Sorrell Ltd owns the farmland, which was purchased for $1.5 million. The land is measured at fair value using the revaluation model under AASB 116/IAS 16. As at 30 June 2020, the fair value of the land was assessed at $5.6 million ($4.7 million as at 30 June 2019). Sorrell Ltd also has plant and equipment, which was purchased for $1 million and is depreciated over its expected useful life of 10 years. As at 1 July 2019, the plant and equipment was 2 years old. As at 30 June 2020, the fair value (less costs to sell) is determined as $250 per sheep and $55 per lamb. Sorrell Ltd has determined that these are the appropriate fair values to use for the purposes of transfers, births and deaths of lambs. The price change between a lamb and a sheep at the time of maturity during the year was estimated to be $195. During the year Sorrell Ltd produced wool with a fair value less costs to sell of $387 000. Required Prepare the relevant extracts from the statement of profit or loss and other comprehensive income and statement of financial performance and the reconciliation required by paragraph 50 of AASB 141/IAS 41 for Sorrell Ltd in accordance with AASB 141/IAS 41 for the year ended 30 June 2020. Show all workings.