Q3. The following information has been extracted from the financial statements of Blake Ltd and its subsidiary Seven Lid at 30 June 2019. Blake Ltd ($) Seven Lid ($) Reconciliation of opening and closing retained earnings Sales revenue 593,400 498,800 Cost of goods sold (399,040) (204,680) Gross profit 194,360 294,120 Dividends revenue from Seven Lid 63,984 --- Management fee revenue 22,790 --- Profit on sale of plant 30,100 --- Expenses Administrative expenses (26,488) (33,282) Depreciation (21,070) (48,848) Management fee expense --- (22,790) Other expenses (86,946) (66,220) Profit before tax 176,730 122,980 Tax expense (52,890) (36,292) Profit for the year 123,840 86,688 Retained earnings-30 June 2018 274,684 205,712 398,524 292,400 Dividends paid (118,164) (79,980) Retained earnings-30 June 2019 280,360 212,420 Statements of financial position Shareholders' equity Retained earnings 280,360 212,420 Share capital 301,000 172,000 Current liabilities Accounts payable 47,042 39,818 Tax payable 35,518 21,500