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Question: Due to an expanding market, an Australian furniture manufacturer NH Ltd established a subsidiary in Hong Kong, WK Ltd. on 1 July 201 T T ne financial statements ot WK Ltd tor the year ended 30 June 2018 are presented below. Statement ot Comprehensive Income tor WK Ltd tor the year ending 30 June 2018 Sales Cost of goods sold Purchases Less: Closing inventory Gross profit Less expenses: Depreciation Other expenses Net profit Dividends paid Retained earnings 30 June 2018 HKS 800,000 (100.000) 150,000 560 ooo Statement ot position for WK Ltd as at 30 June 2018 dank Accounts receivable Inventory Investments Plant and equipment Less: Accumulated depreciation Total assets Accounts payable Loan Net assets Shareholders' equity Paid-up capita Retained eamings Exchange rates are provided as follows: 1 JLIIY 2017 31 December 2017 1 May 2018 30 June 2018 Average rate tor the financial year Average rate tor period 1 Jan to 30 June 2018 HKS 50.000) 60,000 100 ooo - HKS7.10 ASI - HKS6.80 ASI - HKS660 ASI - HKS650 ASI - HKS6.80 ASI - HKS6.65 (700 000) 900,000 (710 000) 190,000 (60 000) 130 ooo HKS 30,000 601000 100,000 250,000 1 350 ooo 160 ooo 1 630 ooo 130 ooo 1 630 ooo