River plc acquired 90% of the common shares and 10% of the 5% bonds in Pool Ltd on 31 March 20X1. All income and expenses are deemed to accrue evenly through the year. On 31 January 20X1 River sold Pool goods for £6,000 plus a markup of one-third. 75% of these goods were still in stock at the end of the year. There was a goodwill impairment loss of £4,000. On 31/12/20X1 River increased its non-current assets by £15,000 on revaluation. Non-controlling interests are measured using method 1. Set out below are the individual statements of comprehensive income of River and Pool:
| Statements of comprehensive income for the year ended 31 December 20X1 | ||
| River | Pool | |
| £ | £ | |
| Net turnover | 100,000 | 60,000 |
| Cost of sales | 30,000 | 30,000 |
| Gross profit | 70,000 | 30,000 |
| Expenses | 20,541 | 15,000 |
| Interest payable on 5% bonds | 5,000 | |
| Interest receivable on Pool Ltd bonds | 500 | |
| 49,959 | 10,000 | |
| Dividends received | 2,160 | NIL |
| Profit before tax | 52,119 | 10,000 |
| Income tax expense | 7,002 | 3,000 |
| Profit for the period | 45,117 | 7,000 |
Required:
Prepare a consolidated statement of comprehensive income for the year ended 31 December 20X1.
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