Steele Limited, a company that manufactures metal pipes, bought 75% of the 1 million issued ordinary shares of Plastic Limited, a company dealing in synthetic piping. This transaction was carried out on June 30 , 2000 and the account of Plastic reflected retained earnings of $360000. The following show the financial statements of the companies for the year ended December 31, 2001. Notes: 1. The intangible asset section of the balance sheet of Steele Limited was not adjusted, prior to consolidation to take account of the recommendations contained in accounting standards regarding intangible assets. Hint: (Internally generated intangible assets should not normally be capitalized.) 2. The stock of Steele Limited contained goods valued at $540,000 purchased from its subsidiary, Plastic Limited at production cost plus a mark up of 50 percent. Required: a. The consolidated Income statement of Steele Limited and its subsidiary, Plastic Limited for the year ended June 30, 2001. (25 marks)