QUESTION 15 The following information has been extracted from the consolidated fund of the Oil Republic for the purposes of preparing the financial performance and position of the government for the 2016 fiscal year: 1. During the year, the public workers union successfully negotiated a wages and salaries increment. This resulted in the accumulation of wages and salaries arrears of GHe3,210million 2. Public debt interest outstanding as at December 31,2016 amounted to GHe12,300million. 3. An amount of GHc7,806 million advanced to contractors on government projects as at December 31,2016 is yet to be accounted for. 4. Fixed capital consumption charges for the year to December 31,2016 are estimated to be GHe6,750million. Required: Prepare for the Oil Republic: (a) The statement of financial performance for the year ended December 31, 2016; and (b) The statement of financial position as at December 31, 2016