True plc acquired 675,000 shares in Fair Limited on 1 January 2015. The reserves of Fair Limited at the date of acquisition comprised retained earnings of €100,000 and capital reserve of €50,000. With respect to the measurement of non-controlling interests at the date of acquisition, the proportionate share method equated to the fair value method. The draft statements of financial position of both these companies as at 31 December 2017 are given below.

In addition, the draft statements of profit or loss and other comprehensive income of the two companies for the year ended 31 December 2017 are as follows:

Additional Information:
True plc has not yet accounted for its share of the proposed dividend by Fair Limited.
On 30 December 2017 Fair Limited sent a cheque for €20,000 to True ple which was not received until 2 January 2018.
True plc sold goods to Fair Limited during the year at an invoice price of €225,000.
The goods were invoiced at cost plus 25%. One half of these goods was still in Fair Limited’s inventory at 31 December 2017.
. On 7 January 2018 a power failure at one of the refrigerated storage units owned by Fair Limited destroyed inventory with a book value at the year-end of €42,000. The company has negotiated a settlement of €35,000 with the insurance company.
On 13 January 2018 Shakey Limited, a customer of True plc, went into receivership. There had been no movement on this customer's account since the year-end, at which time Shakey Limited owed €30,000 to True plc. Unaware of the difficulties that Shakey Limited was facing, no provision had been made against this account nor did any reservation of title clauses exist.
6. The directors of True plc estimate that the goodwill arising on the acquisition of Fair was impaired for the first time during the year ended 31 December 2017 by €84,000.
Requirement Prepare the consolidated statement of profit or loss and other comprehensive income of True plc for the year ended 31 December 2017 and the consolidated statement of financial position as at that date.

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ASSETS Non-current Assets Property, plant and equipment Investments - shares in Fair Limited at cost True plc Fair Limited 1,750,000 1,050,000 950,000 2,700,000 Current assets Inventory 415,000 Receivables 510,000 210,000 240,000 Current account with Fair Limited 25,000 Bank and cash 200,000 1,150,000 60,000 510,000 3,850,000 1,560,000