OfficePlus Corporation is a retailer of office supplies and equipment in Vancouver. On March 5, 20X6, OfficePlus formed a new corporation in Calgary to operate the same type of business. OfficePlus invested $250,000 cash in exchange for 10,000 common shares in the new subsidiary, to be known as Plus Limited.
During 20X6, Plus Limited commenced operations. Most of Plus€™s initial inventory came from OfficePlus. In total, goods that had cost OfficePlus $200,000 were sold to Plus at an assigned value of $300,000. These goods were re-priced by Plus to sell for $500,000 at retail. At year-end, 30% of the merchandise acquired from OfficePlus was still in Plus€™s inventory.

OfficePlus also extended a loan to Plus to finance the start-up costs. A total of $150,000 was lent during the year, of which $90,000 was still owing at year-end. Interest of $10,000 on the loan had been accrued by both companies, of which only $5,000 had actually been paid during 20X6.
Condensed statements of financial position and statements of comprehensive income of the two companies are presented below, as of December 31, 20X6.

Required
Prepare a consolidated SFP and SCI for OfficePlus Corporation at December 31, 20X6.

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Statements of Financlal Position December 31, 20X6 OfficePlus $ 85,000 Plus $ 40,000 Cash Accounts and other receivables 275,000 150,000 Inventories 440,000 60,000 Capital assets 500,000 400,000 Accumulated depreciation Investment in Plus (at cost) (200,000) (30,000) 250,000 $ 1,350,000 $ 320,000 $ 620,000 $ 150,000 Accounts and other payables Long-term liabilities 300,000 200,000 Common shares 50,000 250,000 Retained earnings 680,000 $ 1,350,000 Statements of Comprehensive Income Year Ended December 31, 20X6 20,000 $ 620,000 OfficePlus Plus $ 2,000,000 $ 600,000 Sales Other income 70,000 2,070,000 600,000 Expenses 1,700,000 540,000 Net incorme and comprehensive income $ 370,000 $ 60,000 Statements of Changes In EquityRetalned Earnings Section Year Ended December 31, 20X6 OfficePlus Plus $ 510,000 Retained earnings, December 31, 20X5 $ 60,000 Comprehensive income 370,000 Dividends (200,000) (40,000) $ 680,000 $ 20,000 Retained earnings, December 31, 20X6