Problem 1 Ex22.4 CONSOLIDATION WORKSHEET, CONSOLIDATED FINANCIAL STATEMENTS On 1 July 2015, Sienna Ltd acquired all the shares of Amber Ltd for $160,000. The financial statements of the two entities at 30 June 2016 contained the following information: Sienna Ltd Amber Ltd S S Sales revenue 234,800 200,000 Dividend revenue 17,000 O Other income 6,600 0 258.400 200.000 Cost of sales (123,000) (120,000) Other expense (34,600) (20,000) (157,600) (140,000) Profit before income tax 100,800 60,000 Income tax expense (32,000) (20,000) Profit for the year 68,800 40,000 Retained earnings(1/7/15) 27,000 12,000 Total available for appropriation 95,800 52,000 Dividend paid from 2014-15 profit (18,000) (5,000) Interim dividend paid from 2015-16 profit (16,000) (4,800) Dividend declared from 2015-16 profit (16,000) (7,200) Transfer to general reserve (8,000) 0 (58,000) (17,000) Retained earnings(30/6/16) 37,800 35,000