Question 5 The draft income statements of Pully and investee companies for the year ended 30 June 2021 are set out below: Pully Sully Tully $000 $000 $000 Sale revenue 12,614 6,160 8,640 Cost of sales (10,091) (4.928) (7.344) Gross profit 2,523 1,232 1,296 Distribution costs (650) (148) (195) Administrative expenses (577) (448) (75) Operating profit 1,296 636 1,026 Investment income 250 Profit before tax 1,546 Tax (621) (275) (432) Profit after tax 925 636 1,026 _361 _594 Additional information: 1. Pully's investments in Sully and Tully were made as follows: Date Percentage of ordinary shares held Investment in Tully 1 July 2020 Investment in Sully 1 January 2021 80% 30% 2. In May 2021 Pully sold goods to Sully at an invoiced amount of $50,000, earning a margin of 25% on cost. These were the only goods sold to Sully and they remained in the inventory of Sully at 30 June 2021. 3. During the year, Pully made sales of $180,000 to Tully with the same margin as stated in 2 above. None of these goods remained in Tully's inventory at the year end. 4 The dividends paid by Sully and Tully during the year were $120,000 and $250,000 respectively. Pully had accounted for the dividends received as investment income in its own records. a Required: Prepared for Pully a consolidated income statement for the year ended 30 June 2021. Round to the nearest thousand dollars. (20 marks)