Jan 1, 20x1...... Php43.00: $1 Average for the year.. Php44.00:$1 Dec 31, 20x1.. ..Php45.00:$1 A summary of the individual financial statements of the entities at the end of reporting period are shown below: Statements of financial position As at December 31, 20x1 Pool Co. Swim Co. ASSETS pesos (dollars] Investment in subsidiary 430,000 Other assets 10.000,000 32,000 TOTAL ASSETS 10.430,000 32,000 LIABILITIES AND EQUITY Liabilities 2,000,000 17,000 Share capital 3,000,000 8,000 Retained earnings 5.430,000 7.000 Total equity 8,430.000 15,000 TOTAL LIABILITIES AND EQUITY 10.430,000 32.000 Statements of profit or loss For the year ended December 31. 20x1 Pool Co. Swim Co. (pesos (dollars) Revenues 1,200.000 14,000 Expenses 500,000 (8,000) Profit for the year 700,000 6.000 There were no changes in the subsidiary's share capital during the year. Requirement: Prepare the consolidated financial statements. PROBLEM 5 On November 15, 20x1, Lemon Co. ordered merchandise on an FOB shipping point term, from a foreign entity for 200,000 marks. The merchandise was shipped and invoiced to Lemon on December 10, 20x1. Lemon paid the invoice on January 10, 20x2. The spot rates are as follows: Nov. 15, 20x1 Php22.4955 December 10. 20x1 Php22.4875 December 31, 20x1 Php22.4675