Financial information for Thomas Lid and its 100% owned subsidiary, Gordon Lid, for the period ended 30 June 2025 is provided below. Thomas Led ($) Gordon Lid ($) Sales revenue 52500 49560 Dividend revenue 2080 Gain on sale of PPE 2060 4120 Other income 2040 4080 Total income 58680 57760 Cost of Sales 43260 37080 Other expenses 5240 2080 Total expenses 49500 39160 Profit before income tax 9180 18600 Income tax expense 2835 4095 Profit for the period 5345 14505 Retained earnings (1 July 2024) 12840 6420 19185 20925 Interim dividend paid 5200 2080 Retained earnings (30 June 2025) 1398 18845 Thomas Led acquired its shares in Gordon Lid at 1 July 2024 for $40800 on a cum div. basis. At that date, Gordon Lid recorded share capital of $20800. Gordon Lid had declared prior to the acquisition a dividend of $6300 that was paid in September 2024. At 1 July 2024, all identifiable assets and liabilities of Gordon Lid were recorded at fair value except for inventories, for which the carrying amount was $816 less than fair value. Some of the inventories have been a little slow to sell, and 10% of it is still on hand at 30 June 2025. Inventories on hand in Gordon Lid at 30 June 2025 also includes some items acquired from Thomas Lid during the period ended 30 June 2025. These were sold by Thomas Ltd for $10600, at a profit before tax of $2040. Half of the goodwill on acquisition of Gordon Lid by Thomas Ltd was written off as the result of an impairment test on 30 June 2025. During September 2024, Thomas Ltd provided some management services to Gordon Lid at a fee of $1020 paid by 30 June 2025. On 1 January 2024, Gordon Lid sold machinery to Thomas Lid at a gain of $4280. This machinery had a carrying amount to Gordon Lid of $40800, and was considered by Thomas Led to have a further 5-year useful life. By 30 June 2025, the financial assets acquired by Thomas Lid and Gordon Lid from external entities increased in value by $2160 and $1417 respectively with gains and losses being recognised in other comprehensive income. The income tax rate is 30%