Reference no: EM131299558
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:
Particulars Hyson '000 Green '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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