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