as soon as possible

6. The following financial statements of Mark Lid and its subsidiary Richards Ltd have been extracted from their financial records at 30 June 2023 Mark Ltd Richards Ltd (S) ($) Detailed reconciliation of opening and closing retained earnings Sales revenue 1725 000 1 450 000 (1 160 Cost of goods sold 000) (595 000) Gross profit 565 000 865 000 Dividend revenue-trom Richards Ltd 186 000 Management fee revenue 66 250 Profit on sale of plant 87 500 Expenses Administrative expenses (77 000) (96 750) Depreciation (61 250) (142 000) Management too expense (66 250) Other expenses (252750) (192 500) Profit before tax 513 750 357 500 Tax expense (153 750) (105500) Profit for the year 360 000 252 000 Retained earnings1 July 2022 798 500 598 000 1 158 500 850 000 Dividends paid (343 500) (232 500) Retained earnings-30 June 2023 815 000 617500 Statement of financial position Shareholders' equity Retained earnings 815 000 617 500 Share capital 875 000 500 000 Current abilities Mand Mark Ltd (S) Richards Ltd ($) 115 750 136 750 103 250 62 500 Accounts payable Tax payable Non-current liabilities Loans 433 750 290 000 1 585 750 2 363 750 148 500 155 750 72 500 230 000 Current assets Accounts receivable Inventory Non-current assets Land and buildings Plant-at cost Accumulated depreciation Investment in Richards Ltd 560 000 749 625 (214 375) 890 000 2 363 750 815 000 889 500 (347 000) 1 585 750 Other information Mark Ltd had acquired its 80 per cent interest in Richards Ltd on 1 July 2014 that is, nine years earlier. At that date the capital and reserves of Richards Ltd were: Share capital $500 000 Retained earnings $425 000 $925 000 . At the date of acquisition all assets were considered to be fairly valued The management of Mark Ltd measures any non-controlling interest at the proportionate share of Richards Ltd's identifiable net assets During the year, Mark Ltd made total sales to Richards Ltd of S162 500, while Richards Ltd sold $130 000 in inventory to Mark Ltd, The opening inventory in Mark Ltd as at 1 July 2022 included inventory acquired from Richards Ltd of $105 000 that had cost Richards Ltd $87 500 to produce The closing inventory in Mark Ltd includes inventory acquired from Richards Lid at a cost of $84 000. This had cost Richards Ltd $70 000 to produce . . The closing inventory of Richards Ltd includes inventory acquired from Mark Ltd at a cost of $30 000. This had cost Mark Ltd $24 000 to produce The management of Mark Led believe that goodwill acquired was impaired by $7500 in the current financial year. Previous impairments of goodwill amounted to $56 250 On 1 July 2022 Mark Ltd sold an item of plant to Richards Ltd for $290 000 when its carrying value in Mark Ltd's accounts was $202 500 (cost of $337 500, accumulated depreciation of $135 000). This plant is assessed as having a remaining useful life of six years. Richards Lid paid $66 250 in management fees to Mark Ltd The tax rate is 30 per cent. REQUIRED Provide the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and consolidated statement of changes in equity of Mark Ltd and Richards Ltd as at 30 June 2023