1. Thunder bought 80% of Lightning on 15 January 2006 when Lightning's net assets (20) had a book value of $65,000. The following are the statements of comprehensive income of Thunder and Lightning for the year ended 31st December 2006. Particulars Revenue Cost of sales Gross profit Operating costs Profit from operations Finance Costs Investment income Profit before tax Income tax expense Profit for the year Other Comprehensive Income Total Comprehensive Income Additional Information: Thunder Ltd (S) Lightning Ltd (S) 85,000 42,000 (32.500) (12,500) 52,500 29,500 (21,750) (11,250) 30,750 18,250 (4,550) (1,500) 800 27,000 16,750 (8,000) (5,000) 19,000 11,750 5,000 2,000 24.000 13.750 i. On acquisition a property in the books of Lightning had a fair value of $20,000 in excess of its carrying value. At this time, the plant had a useful life of 10 years. Depreciation is charged to cost of sales ii. During the year Thunder sold goods to Lightning for $ 10,000 at a profit margin of 20%. A quarter of these goods remain in the inventory of Lightning at the reporting date. iii. Goodwill amounting to $30,000 arose on the acquisition of Lightning. Goodwill was impaired by 10% of the original value in the year ended 31st December 2006. Impairment Losses should be charged to operating expenses. Requirement: Prepare the consolidated statement of comprehensive income for the year ended 31st December 2006