QUESTION 3 Sentosa Ltd is an international company resident in Singapore. It acquired 70% of the issued shares of an Australian company, Victoria Ltd, on 1 Jan 2022. The 2022 trail balance of Victoria Ltd prepared in the Australian dollar, which is also the functional currency, showed the following information: 31 Dec 2022 A$ Sales 775,000 Cost of sales 300,000 Gross profit 475,000 Depreciation expense-plant 100,000 Other expenses 25,000 Profit before tax 350,000 Income tax expenses 37,500 Profit for the year 312,500 Retained earnings - at 1 Jan 2022 350,000 Retained earnings - 31 Dec 2022 662,500 Share capital 875,000 Total equity 1,537,500 Provisions 75,000 Accounts Payables 100,000 Total liability 175,000 Total equity and liability 1,712,500 Cash Inventory Accounts Receivable Buildings (net) 75,000 200,000 287,500 550,000 1,000,000 Plant Accumulated depreciation - plant Total assets (400,000) 1,712,500