The following are the financial statements of Price plc, Scam Plc and Ask Plc for the...

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The following are the financial statements of Price plc, Scam Plc and Ask Plc for the year ended 31 December 2018. Statement of Comprehensive Income for the year ended 31 December 2018 Price Plc Scam Pic Ask Plc Current assets Inventories 6,400 4,080 3,120 $000 $000 $000 Trade receivables 3,880 2,400 1,960 Revenue 56,000 39,000 27.480 Cash 2,124 680 Cost of sales (33,600) (23,400) (10,480) 12,404 7,160 5,160 Gross profit 22,400 15,600 17,000 Amounts falling due Operating expenses (7,880) (4,400) (2,480) within on one year Trade and other payables (5,160) (4,500) (3,400) Operating profit 14,520 11,200 14,520 Net assets 92,584 40,740 66,560 Interest payable (1,400) (720) Profit before tax 13,120 10,480 (280) 14,240 Ordinary shares ($1) 58,000 16,000 34,800 Income tax expense (5,400) (4,200) (1,680) Share premium 4,000 3,200 6,000 Profit for the year 7,720 6,280 12,560 Retained Earings 30,584 21,540 25,760 Retained earnings bif 22,864 15,260 13,200 92,584 40,740 66,560 Retained earnings c/f 30,584 21,540 25,760 Statements of Financial Position at 31 December 2018 Price Plc $000 Scam Pic $000 Ask Plc $000 Non-Current assets Tangible assets 41,400 38,080 64,800 Investment in Scam Plc 21,940 Investment in Ask Plc 22,000 85,340 38,080 64,800 3. Price Pic acquired 40% of the ordinary shares of Ask Plc on 1 January 2018 when the balance on Ask Plc's share premium account was $6 million and its retained earnings were $13.2 million. 4. During the current year, Scam Pic sold goods to Price Pic at invoice value $1.44 million, on which Scam Plc made a mark-up of 20%. One-half of these goods were still in the inventory of Price Plc at 31 December 2018 Page 3 of 9 The following information is relevant: 1. Price Plc acquired 70% of the ordinary shares of Scam Plc on 1 January 2017 when Scam's reserves were: Share premium Retained earnings $000 3,200 9,600 2. At 1 January 2017 the tangible non-current assets of Scam Pic exceeded their book value by $ 1.2 million. This surplus has not been reflected in the financial statements of Scam Plc. At that date the average remaining useful life of non- current assets was 10 years. 5. Goodwill on acquisition of Scam Ltd has become impaired by $188,000 per annum since the date of acquisition. The premium arising on investment in Ask Plc has become impaired by $80,000 since the date of investment. REQUIRED Prepare the consolidated statement of comprehensive income of Price Pic Group for the year ended 31 December 2018 and a consolidated statement of financial position at that date The following are the financial statements of Price plc, Scam Plc and Ask Plc for the year ended 31 December 2018. Statement of Comprehensive Income for the year ended 31 December 2018 Price Plc Scam Pic Ask Plc Current assets Inventories 6,400 4,080 3,120 $000 $000 $000 Trade receivables 3,880 2,400 1,960 Revenue 56,000 39,000 27.480 Cash 2,124 680 Cost of sales (33,600) (23,400) (10,480) 12,404 7,160 5,160 Gross profit 22,400 15,600 17,000 Amounts falling due Operating expenses (7,880) (4,400) (2,480) within on one year Trade and other payables (5,160) (4,500) (3,400) Operating profit 14,520 11,200 14,520 Net assets 92,584 40,740 66,560 Interest payable (1,400) (720) Profit before tax 13,120 10,480 (280) 14,240 Ordinary shares ($1) 58,000 16,000 34,800 Income tax expense (5,400) (4,200) (1,680) Share premium 4,000 3,200 6,000 Profit for the year 7,720 6,280 12,560 Retained Earings 30,584 21,540 25,760 Retained earnings bif 22,864 15,260 13,200 92,584 40,740 66,560 Retained earnings c/f 30,584 21,540 25,760 Statements of Financial Position at 31 December 2018 Price Plc $000 Scam Pic $000 Ask Plc $000 Non-Current assets Tangible assets 41,400 38,080 64,800 Investment in Scam Plc 21,940 Investment in Ask Plc 22,000 85,340 38,080 64,800 3. Price Pic acquired 40% of the ordinary shares of Ask Plc on 1 January 2018 when the balance on Ask Plc's share premium account was $6 million and its retained earnings were $13.2 million. 4. During the current year, Scam Pic sold goods to Price Pic at invoice value $1.44 million, on which Scam Plc made a mark-up of 20%. One-half of these goods were still in the inventory of Price Plc at 31 December 2018 Page 3 of 9 The following information is relevant: 1. Price Plc acquired 70% of the ordinary shares of Scam Plc on 1 January 2017 when Scam's reserves were: Share premium Retained earnings $000 3,200 9,600 2. At 1 January 2017 the tangible non-current assets of Scam Pic exceeded their book value by $ 1.2 million. This surplus has not been reflected in the financial statements of Scam Plc. At that date the average remaining useful life of non- current assets was 10 years. 5. Goodwill on acquisition of Scam Ltd has become impaired by $188,000 per annum since the date of acquisition. The premium arising on investment in Ask Plc has become impaired by $80,000 since the date of investment. REQUIRED Prepare the consolidated statement of comprehensive income of Price Pic Group for the year ended 31 December 2018 and a consolidated statement of financial position at that date