0n 1 July 2015, Sienna Ltd acquired all the shares of Amber Ltd for $160 000. The nancial statements of the two entities at 30 June 2016 contained the following information: Sienna Ltd Amber Ltd Sales revenue 3 234 800 S 200 000 Dividend revenue 1'? 000 Other income 6 600 _5_8_0_QZ 4 _20_0_0_0_Q Cost of sales (123 000) (120 000) Other expenses :34 6001 :20 0001 1.117.600.) . 03.0.0001 Prot before income tax 100 800 60 000 Income tax expense w M Prot for the year 68 800 40 000 Retained earnings (1/7/15) m 12 000 Total available for appropriation 92 800 52 000 Interim dividend paid from 201516 prot (34 000) (9 800) Dividend declared from 201516 prot (16 000) (7 200) Transfer to general reserve {8 0001 1580001 (120001 Retained earnings (30/6/16) $_M_8_0_Q $ 35 000 Current assets Cash 3 l 000 $ 40 Receivables 27 000 12 100 Allowance for doubtful debts (500) (300) Financial assets 12000 12 000 Inventory 48 000 47 000 Total current assets 87 500 20 840 Non-current assets Plant and machinery 100 000 70 000 Accumulated depreciation (40 000) (26 000) Land 102 300 190 000 Debentures in Amber Ltd 57 000 Shares in Amber Ltd _L6_0_0_0_Q Total non-current assets 322 300 234 900 Total assets 466 800 304 840 Current liabilities Dividend payable 16 000 7 200 Provisions 12 000 8 800 Bank overdraft 14 840 Current tax liabilities I] 000 _L0_0_0_Q Total current liabilities 39 000 40 840 Non-current liabilities 12% mortgage debentures 80 000 Deferred tax liabilities I3 000 5 000 Total non-current liabilities 13 000 85 000 . Total liabilities 52 009 125 340 | Net assets 3 414 00 5 l 9 0 l Equity l Share capital $ 320 000 $ 120 000 l General reserve so 000 24 000 Retained earnings 34 800 35 000 Total equity 414 800 E 179 000 Additional information a. At 1 July 2015, all identiable assets and liabilities of Amber Ltd were recorded at fair values except for inventory, for which the fair value was $1000 greater than the carrying amount. This inventory was all sold by 30 June 2016. At 1 July 2015. Amber Ltd had research and development outlays that it had expensed as incurred. Sienna Ltd measured the fair value of the in-process research and development at $8000. At 1 July 2015, Amber Ltd had reported a contingent liability relating to a guarantee that was considered to have a fair value of $7000. This liability still existed at 30 June 2016. At 1 July 2015, Amber Ltd had not recorded any goodwill. The mortgage debentures were issued by Amber Ltd at nominal value on 1 July 2014, and are redeemable on 30 June 2020. Sienna Ltd acquired its holding $57 000 of these debentures on the open market on 1 January 2016, immediately alter the half-yearly interest payment had been made. All interest has been paid and brought to account in the records of both entities. During the 201516 period. Sienna Ltd sold inventory to Amber Ltd for $40 000, at a mark-up of cost plus 25%, At 30 June 2016, $10 000 worth ofinventory was still held by Amber Ltd. The income tax rate is 30%. Required Prepare the consolidated nancial statements (Statement of prot and loss and other comprehensive income 8:. Statement of nancial position) for Sienna Ltd and its subsidiary for the year ended 30 June 2016