The following financial statements of Joel Ltd and its subsidiary Parko Ltd have been extracted from their financial records at 30 June 2023.

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Joel Ltd acquired its 100 per cent interest in Parko Ltd on 1 July 2018, that is, five years earlier. At that 

1. At the date of acquisition all assets were considered to be fairly valued.
2. During the year Joel Ltd made total sales to Parko Ltd of $60 000, while Parko Ltd sold $50 000 in inventory to Joel Ltd.
3. The opening inventory in Joel Ltd as at 1 July 2022 included inventory acquired from Parko Ltd for $40000 that cost Parko Ltd $30 000 to produce.
4. The closing inventory in Joel Ltd includes inventory acquired from Parko Ltd at a cost of $33 000. This cost Parko Ltd $28 000 to produce.
5. The closing inventory of Parko Ltd includes inventory acquired from Joel Ltd at a cost of $12 000. This cost Joel Ltd $10 000 to produce.
6. On 1 July 2022 Parko Ltd sold an item of plant to Joel Ltd for $116 000 when its carrying value in Parko Ltd’s accounts was $81 000 (cost $135 000, accumulated depreciation $54 000). This plant is assessed as having a remaining useful life of six years. The Group has a policy of measuring its property, plant and equipment using the ‘cost model’. The group uses the straight-line method of depreciation.
7. Parko Ltd paid $26 500 in management fees to Joel Ltd.
8. The tax rate is 30 per cent.

REQUIRED

Prepare a consolidated statement of financial position, a consolidated statement of profit or loss and other comprehensive income and a consolidated statement of changes in equity for Joel Ltd and Parko Ltd as at 30 June 2023.

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Reconciliation of opening and closing retained earnings Sales revenue Cost of goods sold Gross profit Dividends received from Parko Ltd Management fee revenue Gain on sale of plant Expenses Administrative expenses Depreciation Management fee expense Other expenses Profit before tax Tax expense Profit for the year Retained earnings-30 June 2022 Dividends paid Retained earnings-30 June 2023 Statement of financial position Shareholders' equity Retained earnings Share capital Current liabilities Accounts payable Tax payable Non-current liabilities Loans Joel Ltd ($000) Parko Ltd ($000) 671.4 (464) 207.4 93 26.5 40 (30.8) (29.5) (101.1) 205.5 (61.5) 144 319.4 463.4 326 350 54.7 41.3 540 (238) 302 (42.2) 100.8 239.2 340 (137.4) (93) 326 247 Joel Ltd ($000) Parko Ltd ($000) 173.5 945.5 35 (38.7) (56.8) (26.5) (72) 143 247 200 46.3 25 116 634.3