1(b) Kaltex Ltd established a branch in Jinja, Uganda on 1.1.2015, when Kshs 1= Ushs 15. PPE costing Kshs 900,000 were purchased on that day. In addition, cash of Shs 400,000 was sent to Jinja on 1.1.2015, together with goods which had cost K Ltd Shs 0.5m. The Jinja branch sells Head office goods and also goods purchased in Uganda. 1) Inventory at 31 December 2015 was valued at Ush 6.5 million, being goods from Head office. 2) Depreciation is to be charged at 20% on the cost of fixed assets. 3) Accrued expenses amounted to Ush 1.5 million. 4) Prepaid expenses amounted to Ush 1.8 million. 5) There was no closing inventory of goods purchased in Uganda. 6) The remittance was made on 1 Oct 2015 and translated into Ksh 1,650,000. 7) Exchange rates during the year were: 31Dec2015:Ksh1= Ush 10 Required: Income statements for the year to 31 December 2015 and statement of financial position as at that date using the functional currency method. i. Income statements for the year to 31 December 2015 (6marks) ii. statement of financial position as at 31 December 2015 (6marks)