4 Assume that it is now 31 January 2022. Chelker pic's investments include 80% of the ordinary shares of Seiset Ltd and 70% of those of Ogaton Ltd. All Chelker plc's other investments are correctly measured at cost. On 1 June 2021 Chelker plc sold its investment in Ogston Ltd for 185,000. Chelker plc measures all non-controlling interests using the proportionate method. The individual statements of profit or loss for the year ended 31 December 2021 for Chelker plc and its two subsidiaries are set out below: Statements of profit or loss for the year ended 31 December 2021 Ogston Ltd Chelker pic Selset Ltd Revenue 579,300 315,600 294,000 Cost of sales (261,500) (102,400) (114,000) Gross profit 317,800 213,200 180,000 Operating expenses (89,000) (43,000) (28,200) Operating profit 228,800 170,200 151,800 Investment income 195,300 Profit before tax 424,100 170,200 151,800 Income tax (85,000) (34,100) (30,000) Profit for the year 339,100 136,100 121,800 Extracts from the individual draft statements of financial position as at 31 December 2021 for the three companies show Chelker plc Selset Ltd Ogston Ltd Non-current assets 945,000 380,900 149,750 Ordinary share capital (E1 shares) 300,000 180.000 150,000 Additional information: (1) Chelker pic acquired its investment in Selset Ltd on 1 January 2018 for 250,000 The fair values of the identifiable assets acquired and abilities assumed by Cheiker plc on the acquisition of Selset Ltd were the same as their carrying amounts, with the exception of a machine which was estimated to have a fair value of 24.000 in excess of its carrying amount. The machine had a remaining estimated useful life of six years on 1 January 2018. Depreciation on plant and machinery is recognised in operating expenses. Goodwill arising on the acquisition of Selset Ltd was correctly calculated as 18.500. During the current year Selset Ltd paid an ordinary dividend of 15p per share (2) Chelker plc acquired its Investment in Ogston Ltd a number of years ago for 140,000. Ogston Ltd's retained earnings were 31,500 at acquisition and 98,900 at 31 December 2021. The fair values of the identifiable assets acquired and liabilities assumed on the acquisition of Ogston Ltd were the same as their carrying amounts. Ogston Ltd's profits accrued evenly over the year ended 31 December 2021. Cumulative impairments of 2,000 were recognised by 31 December 2020 in respect of goodwill arising on the acquisition of Ogston Ltd. The only accounting entry made by Chelker plc in respect of its disposal of Ogston Ltd was to debit cash and credit investment income with the disposal proceeds of 165,000. (3) During November 2021 Selset Ltd sold goods to Chelker plc for 15,000 at a mark-up of 20%. At 31 December 2021 Chelker plc still held half of these goods in its inventories. (4) Chelker plc has undertaken its annual impairment review of goodwill and has identified that an impairment of 1,000 in relation to Selset Ltd needs to be recognised. Requirement Prepare, for Chelker plc: a consolidated statement of profit or loss for the year ended 31 December 2021; and an extract from the consolidated statement of financial position as at that date, showing total non-current assets. You should assume that the disposal of Ogston Ltd constitutes a discontinued operation in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations