The statements of financial position of Mars plc and Jupiter plc at 31 December 20X2 are as follows:
| $ | $ | |
| Sales | 200,000 | 120,000 |
| Cost of sales | 60,000 | 60,000 |
| Gross profit | 140,000 | 60,000 |
| Expenses | 59,082 | 40,000 |
| Dividends received | 3,750 | NIL |
| Profit before tax | 84,668 | 20,000 |
| Income tax expense | 14,004 | 6,000 |
| 70,664 | 14,000 | |
| Surplus on revaluation | 25,000 | — |
| Total comprehensive income | 95,664 | 14,000 |
Red Ltd acquired 75% of the shares in Pink Ltd on 1 January 20X0 when Pink Ltd”s retained earnings were $30,000 and the balance on Pink”s general reser ve was $8,000. The fair value of the non-controlling interest at the date was £32,000. Non-controlling interests are to be measured using method 2.
On 31 December 20X2 Red revalued its non-current assets. The revaluation surplus of £25,000 was credited to the revaluation reserve.
During the year Pink sold Red goods for $9,000 plus a mark-up of one-third. Half of these goods were still in inventor y at the end of the year. Goodwill suffered an impairment loss of 20%.
Required:
Prepare a consolidated statement of comprehensive income for the year ended 31/12/20X2 and a statement of financial position as at that date.
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