I duplicated both land and sky then flipped vertical and moved it into position. The water effect is created by using a somewhat specialized displacement map.
To create the displacement map, create a new project of 400px square, fill black or white, but not transparent.
Add 400% noise, gaussian, monochromatic.
Using Free Transform>Perspective, widen the bottom to 250% or so, it doesn't have to be exact. Now crop the image back to 400px square and then repeat the process twice more.
Now go into the channels tab and select the red channel. Choose emboss 10px with the light angle set to 90 degrees.
Repeat this for the green channel, but this time with the light angle set to 0
Save as displacement map.
Now return to your original project and apply the displacement map to the lower sunset layer.