hyson plc acquired 75 of the shares in green plc on 1 january 20×0 for 6 million whe 535057
Hyson plc acquired 75% of the shares in Green plc on 1 January 20X0 for £6 million when Green plc”s accumulated profits were £4.5 million. At acquisition, the fair value of Green”s non-current assets were £1.2 million in excess of their carrying value. The remaining life of these non-current assets is six years.
The summarized statements of comprehensive income for the year ended 31.12.X0 were as follows:
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hyson plc acquired 75 of the shares in green plc on 1 january 20×0 for 6 million whe 535057
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|
Hyson |
Green |
|
|
£000 |
£000 |
|
|
Revenue |
23,500 |
6,400 |
|
Cost of sales |
16,400 |
4,700 |
|
Gross profit |
7,100 |
1,700 |
|
Expenses |
4,650 |
1,240 |
|
Profit before tax |
2,450 |
460 |
|
Income tax expense |
740 |
140 |
|
Profit for the period |
1,710 |
320 |
There were no inter-company transactions. Depreciation of non-current assets is charged to cost of sales.
Required:
Prepare a consolidated statement of comprehensive income for the year ended 31 December 20X0.
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