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The statements of financial position of Red Ltd and Pink Ltd at 31 December 20X2 are as follows: Red Pink
ASSETS
Non-current assets
200,000
100000
Depreciation
80,000
30,000
120000
70,000
Investment in Fink Ltd
110,000
Current assets
1nventones
Trade receivables,
40,000
Current account - Rink Ltd
10000
Bank
16,000
8,000
206,000
78,000
Total assets
436,000
148,000
EQUITY AND LIABILITIES
Capitol and resents
$1 cocrrnon shares
176,000
Genera/ reserve
20,000
14,000
Retained earnings
100,000
60,000
296,000
114,000
Current liabilities
Trade payables
125,996
18,000
Taxation payable
14,004
6,000
Current account - Red Ltd
10,000
140,000
34,000
Total equity and liabilities
Statements of comprehensive Income for the year ended 31 December 20X2
S
Sales
120,000
Cost of sales
60,080
Gross profit
Expenses
59,082
Dividends received
3,750
NL
Profit before tax
84,668
Income tax expense
70,664
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 reserve 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. During the year Pink sold Red goods for $9,000 plus a mark-up of one-third. Half of these goods were still in inventory at the end of the year. Goodwill suffered an impairment loss of 20%.
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