Below is the summarized draft statement of financial position of Creamson, a publicly listed company, as at 31 March 2016

The following information is relevant.

1. The non-current assets have not been depreciated for the year ended 31 March 2016.
   Creamson has a policy of revaluing its land and buildings at the end of each accounting year. The values in the above statement of financial position are as at 1 April 2015 when the buildings had a remaining life of 15 years. A qualified surveyor has valued the land and buildings at 31 March 2016 at $180 million.
   Plant is depreciated at 20% on the reducing balance basis.

2. The financial assets at fair value through profit and loss are held in a fund whose value changes directly in proportion to a specified market index. At 1 April 2015 the relevant index was 1,200 and at 31 March 2016 it was 1,296.

3. In late March 2016 the directors of Creamson discovered a material fraud perpetrated by the company's credit controller that had been continuing for some time. Investigations revealed that a total of $4 million of the trade receivables as shown in the statement of financial position at 31 March 2016 had in fact been paid and the money had been stolen by the credit controller. An analysis revealed that $1.5 million had been stolen in the year to 31 March 2015 with the rest being stolen in the current year. Creamson is not insured for this loss and it cannot be recovered from the credit controller, nor is it deductible for tax purposes.

4. During the year the company's taxable temporary differences increased by $10 million of which $6 million related to the revaluation of the property. The deferred tax relating to the remainder of the increase in the temporary differences should be taken to profit or loss. The applicable income tax rate is 20%.

5. The above figures do not include the estimated provision for income tax on the profit for the year ended 31 March 2016. After allowing for any adjustments required in items (i) to (iii), the directors have estimated the provision at $11.4 million (this is in addition to the deferred tax effects of item (iv)).

6. Dividends totaling $15.5 million were paid during the year.