Using the information provided above for Review Question 32.1, Smith Limited.

Requirement Prepare the consolidated statement of profit or loss and other comprehensive income for the year ended 30 September 2018, and the statement of financial position as at that date, under each of the following circumstances:

(a) Smith Limited sells one quarter of its holding in Jones Limited for €160,000 on 30 June 2018.

(b) Smith Limited sells one half of its holding in Jones Limited for €340,000 on 30 June 2018, and the remaining holding is to be dealt with as an associate.

(Assume that no goodwill is written off due to impairment.)