solution

Project Description:

the statements of comprehensive income for continent plc, island ltd and river ltd for the year ended 31 december 20x9 were as follows:


continent plc acquired 80% of island ltd for €27,500 on 1 january 20x3, when island lid’s retained earnings were €22,000 and share capital was €5,500. during the year, island ltd sold goods costing €2,750 to continent plc for €3,850. at the yearend, 10% of these goods were still in continent plc’s inventory.
continent plc acquired 40% of river ltd for €100,000 on 1 january 20x5, when river ltd’s share capital and reserves totaled €41,250 (share capital consisted of 11,000 50c shares). during the year river ltd sold goods costing €1,650 to continent plc for €2,200. at the yearend, 50% of these goods were still in continent plc’s inventor y.
goodwill in island ltd had suffered impairment charges in previous years totalling €2,200 and goodwill in river ltd impairment charges totalling €7,700. impairment has continued during 2009 reducing the goodwill in island by €550 and the goodwill in river by €3,850.
continent plc includes in its revenue management fees of €5,500 charged to island ltd and €2,750 charged to river ltd. both companies treat the charge as an administration cost. non-controlling interests are measured using method 1.

required:
prepare continent plc’s consolidated statement of comprehensive income for the year ended 31 december20x9.
Skills Required:
Project Stats:

Price Type: Negotiable

Expired
Total Proposals: 5
1 Current viewersl
12 Total views
Project posted by:

Proposals

Proposals Reputation Price offered
  • 4.9
    73 Jobs 54 Reviews
    $0 in 0 Day
  • 4.8
    546 Jobs 386 Reviews
    $0 in 0 Day
  • 4.4
    14 Jobs 8 Reviews
    $0 in 0 Day
  • 4.4
    60 Jobs 42 Reviews
    $0 in 0 Day