16. Hebdon acquired 75% of the issued capital of Stoke on 1 January 20X2. Their respective income statements for the year ended 31 December 20X2 are follows: Hebdon Stoke $ S Revenue 24,500 15,600 Cost of sales and expenses 14,000 10,000 10,500 5,600 1,500 Dividend from subsidiary Profit before tax 12,000 5,600 Income tax expense 5,000 1.600 Profit after tax 7.000 4.000 Statement of Changes in Equity Retained earnings (extract) Hebdon Stoke S S 7,000 4,000 Profit for year Dividend (3.000) (2.000) Retained Profit 4,000 2.000 Required Produce the consolidated income statement of Hebdon and its subsidiary for the year ended 31 December 20X2. (Ignore goodwill) 17. As per the previous activity, but this time suppose that Hebdon had sold goods to Stoke during the year for $8,000 which includes $2,000 profit. Required Prepare revised consolidated income statements for the year assuming: (a) The goods had all been sold to customers by the year-end; (b) The goods were still in inventory at the year-end; (c) The goods were sold by Stoke to Hebdon and remain in Hebdon's inventory at the year- end