ABC company began its activities at Dec,31,2014 by consolidating A,B, and C companies, registered all its assets with fair value. The following are items of B/S for 2014 and 2015: For 2014 Cash and A/R = 400 Inventory = 300 Lands = 80 Machines = 420 Acc. Depreciation = 0 Current liabilities = 160 Long term liabilities = 200 Capital ( common stocks ) = 280 Premium issue 560 Retain earnings = 0 = Acc. Depreciation = 48 Current liabilities 180 Long term liabilities = 232 Capital (common stocks) = 280 Premium issue = 560 Retained earnings = 100 The following are items of income statement for 2015: Sales = 1600 Purchases = 1000 Beginning inventory = 300 Ending inventory = 260 Depreciation expense = 48 Other expenses = 192 Tax expense = 140 Proposed dividends = 80 Notes: 1. Prices of index numbers: 140% at 31/12/2014 150% the mean of 2015 160% at 31/12/2015 2. A machine of 120 JD cost was purchased at 1/7/2015, depreciated at 10% using straight line method. 3. Dividends were paid at 31/12/2015 21. Tax expense adjusted by JD price at 31/12/2015 0 (2 Points) 160 150 149.3 131.25