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At 1 January 20X9 Penguin plc paid $1.2m for an 80% share in Platypus Ltd. Platypus Ltd's net assets at the date of acquisition were:
$'000
Share capital
500
Retained earnings
850
Revaluation surplus
450
It is group policy is to measure non-controlling interests at acquisition at fair value. The fair value of the non-controlling interest at the date of acquisition was $400,000.
Statements of profit or loss for both companies for the year ended 31 December 20X9 were:
Penguin
Platypus
Revenue
12500
2,600
Cost of sales
(7400)
(1,090)
Gross profit
5100
1,510
Distribution costs
(700)
(220)
Administrative expenses
(1300)
(550)
Finance costs
(40)
-
Profit before tax
3060
740
Income tax expense
(900)
(230)
Profit for the year
2160
510
Required
Calculate the goodwill on acquisition and prepare the consolidated statement of profit or loss of the Penguin Group for the year ended 31 December 20X9.
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