- Rail accounts for investments in subsidiaries at cost in accordance with IAS 27.10(a) in its separate financial statements. - Rail elected to measure the non-controlling interest in Train at its proportionate share of Train's identifiable net assets at acquisition date. - Assume a companies' Income Tax rate of 28%. - Ignore the effects of Dividend Tax and Value Added Tax (VAT). - Assume a pre-tax discount rate of 10% per annum. REQUIRED: Prepare only the Assets and Liabilities sections (in other words, ignore the equity section) of the Consolidated Statement of Financial Position of the Rail Ltd Group for the financial year ended 31 December 2022. Include all totals and sub-totals. Show and reference all your workings and calculations clearly. Comparative figures are not required. It was further noted that Train's customers, whose names are included in the customer lists, have all signed confidentiality agreements with Train, preventing them from exchanging or disposing information regarding the customers with third parties. The tax base of the licenses is the same as its carrying value at acquisition date. The South African Revenue Services allows the same annual allowance with regards to the licenses but does not provide allowances on Train's internally generated trademark, "Trainy Day", workforce, or customer lists. 2. On 1 April 2022, Train provided a loan of R80000 to Rail. The interest rate on the loan is 10% per annum, simple interest. The loan is repayable on 31 March 2027. The finance costs accrued for the year are still owing at the end of the financial year and were correctly accrued for by the accountants of the individual entities. 3. The trade and other receivables of Rail includes the ordinary dividend receivable from Train. 4. Rail has an investment in an associate named Tracker Ltd. At 31 December 2022, Rail has determined the following information regarding its investment in Tracker Ltd: - The fair value less costs of disposal of Rail's investment in Tracker Ltd was estimated to be R330 000 . - Rail intends to keep the investment in Tracker Ltd for a further 6 years, after which it is estimated that the investment will be sold for R500 000. - The future dividends expected to be received from Tracker Ltd is R12 000 per annum. The accountant did not take the above-mentioned information into account when the final closed off trial balances were finalised. Additional information: - All the entities in the Rail Ltd Group have a 31 December financial year end. Rail noted that Train became successful particularly because of their highly trained workforce. It is for this reason that Rail acquired control over Train. Rail Ltd ("Rail") is a local company listed on the Johannesburg Stock Exchange and regularly seeks to grow through the purchase of investments. One of Rail's most recent investments is the investment in Train Ltd ("Train"). The following trial balances were obtained from the financial records of Rail and Train for - Rail accounts for investments in subsidiaries at cost in accordance with IAS 27.10(a) in its separate financial statements. - Rail elected to measure the non-controlling interest in Train at its proportionate share of Train's identifiable net assets at acquisition date. - Assume a companies' Income Tax rate of 28%. - Ignore the effects of Dividend Tax and Value Added Tax (VAT). - Assume a pre-tax discount rate of 10% per annum. REQUIRED: Prepare only the Assets and Liabilities sections (in other words, ignore the equity section) of the Consolidated Statement of Financial Position of the Rail Ltd Group for the financial year ended 31 December 2022. Include all totals and sub-totals. Show and reference all your workings and calculations clearly. Comparative figures are not required. It was further noted that Train's customers, whose names are included in the customer lists, have all signed confidentiality agreements with Train, preventing them from exchanging or disposing information regarding the customers with third parties. The tax base of the licenses is the same as its carrying value at acquisition date. The South African Revenue Services allows the same annual allowance with regards to the licenses but does not provide allowances on Train's internally generated trademark, "Trainy Day", workforce, or customer lists. 2. On 1 April 2022, Train provided a loan of R80000 to Rail. The interest rate on the loan is 10% per annum, simple interest. The loan is repayable on 31 March 2027. The finance costs accrued for the year are still owing at the end of the financial year and were correctly accrued for by the accountants of the individual entities. 3. The trade and other receivables of Rail includes the ordinary dividend receivable from Train. 4. Rail has an investment in an associate named Tracker Ltd. At 31 December 2022, Rail has determined the following information regarding its investment in Tracker Ltd: - The fair value less costs of disposal of Rail's investment in Tracker Ltd was estimated to be R330 000 . - Rail intends to keep the investment in Tracker Ltd for a further 6 years, after which it is estimated that the investment will be sold for R500 000. - The future dividends expected to be received from Tracker Ltd is R12 000 per annum. The accountant did not take the above-mentioned information into account when the final closed off trial balances were finalised. Additional information: - All the entities in the Rail Ltd Group have a 31 December financial year end. Rail noted that Train became successful particularly because of their highly trained workforce. It is for this reason that Rail acquired control over Train. Rail Ltd ("Rail") is a local company listed on the Johannesburg Stock Exchange and regularly seeks to grow through the purchase of investments. One of Rail's most recent investments is the investment in Train Ltd ("Train"). The following trial balances were obtained from the financial records of Rail and Train for