Question: QUESTION 2 (10 marks) Rabbit Ltd acquired a 75% controlling interest in Tortoise Ltd on 1 July 2021. Tortoise Ltd acquired a 60% controlling interest

QUESTION 2 (10 marks) Rabbit Ltd acquired a 75% controlling interest

QUESTION 2 (10 marks) Rabbit Ltd acquired a 75% controlling interest in Tortoise Ltd on 1 July 2021. Tortoise Ltd acquired a 60% controlling interest in Snail Ltd on 1 July 2022. Below is the profit for the year as per the final trial balances of the three entities for the financial year ended 30 June 2023: Additional information: - There was no other comprehensive income in the final trial balances of the three entities. - All the entities in the Rabbit Ltd Group have a 30 June financial year-end. - The Rabbit Ltd Group elected to measure the non-controlling interest in the relevant subsidiary acquired at its proportionate share of identifiable net assets at the acquisition date. REQUIRED: Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Income of the Rabbit Ltd Group for the financial year ended 30 June 2023 to the extent that the information in the question permits. - Ignore all taxes. - Include all totals and sub-totals. - Show and reference all your workings and calculations clearly. - Comparative figures are not required. (10 marks)

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