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QUESTION 1 The Wellington Group Ltd., a New Zealand based company, obtained an interest in a US company Boot Ltd. some years ago. You have been given the following information to enable you to translate the financial statements of Boot Ltd. into New Zealand dollars (NZS) for consolidation into the Wellington Group Ltd. financial statements. Boot Ltd Income Statement for the year ended 30 June 2017 US$ 1,250,000 US$ Sales pening Inventor Purchases Closing Inventor Cost of Sales Gross Profit Selling & Administration Expenses Depreciation Total Expenses Loss on Sale of Land Gain on Sale of Equipment Net Profit Before Tax Income Tax Net Profit After Tax 80,000 540,000 750,000 150,000) 200,000) 300,000 300,000 225,000 pening Retained Earnin Dividends Closing Retained Earnings 100,000