Plank Co has owned 35% of Arch Co since I June 20X7 and it acquired 85%...

  

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Plank Co has owned 35% of Arch Co since I June 20X7 and it acquired 85% of Strip Co on 1 April 20X8. The statements of profit or loss and other comprehensive income for the year ended 31 December 20X8 are: Plank Co $'000 Strip Co Arch Co $'000 $'000 705,000 218,000 256,000 (320,000) (81,000) (83,500) 385,000 137,000 172,500 (58,000) (16,000) (18,500) (92,000) (28,000) (29,000) 46.000 2,000 (12,000) (14,000) (11,000) 269,000 81,000 114,000 (51,500) (15.000) (21,430) 217,500 66,000 92,570 Revenue Cost of sales Gross profit Distribution costs Administrative expenses Investment income Finance costs Profit before tax Income tax expense Profit for the year Other comprehensive income Gain on revaluation of land 2,800 3,000 Total comprehensive income for 220,300 69,000 92.570 the year The following information is relevant Plank Co has owned 35% of Arch Co since I June 20X7 and it acquired 85% of Strip Co on 1 April 20X8. The statements of profit or loss and other comprehensive income for the year ended 31 December 20X8 are: Plank Co $'000 Strip Co Arch Co $'000 $'000 705,000 218,000 256,000 (320,000) (81,000) (83,500) 385,000 137,000 172,500 (58,000) (16,000) (18,500) (92,000) (28,000) (29,000) 46.000 2,000 (12,000) (14,000) (11,000) 269,000 81,000 114,000 (51,500) (15.000) (21,430) 217,500 66,000 92,570 Revenue Cost of sales Gross profit Distribution costs Administrative expenses Investment income Finance costs Profit before tax Income tax expense Profit for the year Other comprehensive income Gain on revaluation of land 2,800 3,000 Total comprehensive income for 220,300 69,000 92.570 the year The following information is relevant

Answer rating: 100% (QA)

SOLUTION To prepare the consolidated statement of profit or loss and other comprehensive income for Plank Co for the year ended 31 December 20X8 we ne... View the full answer