b) Antonio, a company operating in Italy, is a wholly owned subsidiary of Plane Ltd, a company listed in Australia. Plane Ltd formed Antonio on 1 July 2015 with an investment of A$310,000. Antonio's records and financial statements are prepared in Italian Lira (IT L). Antonio has prepared the following financial information at 30 June 2016. Current assets:: Deposits Monetary assets Total current assets Antonio. Statement of Financial Position As at 30 June 2016 IT L 210 000 230 000 440 000 Non-current assets: Land acquired 1/7/15 100 000 Buildings acquired 1/11/15 120 000 Plant and equipment - acquired 1/11/15 110 000 Accumulated Depreciation (10 000) Deferred tax asset 10 000 Total non-current assets 330 000 Total assets 770 000 Current liabilities: Current tax liability 70 000 Borrowings 50 000 Payables 100 000 Total current liabilities 220 000 Non-current liabilities: Borrowings 150 000 Total liabilities 370 000 Net assets 400 000 Equity: Share capital 310 000 Retained earnings 90 000 Total equity 400 000