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5 The draft income statements of Pully and investee companies for the year ended 30 June 2021 are set out below: 5 80%. T 3%.
5 The draft income statements of Pully and investee companies for the year ended 30 June 2021 are set out below: 5 80%. T 3%. Pully Sully Tully $000 $000 $000 Sale revenue 12,614 6,160 8,640 Cost of sales (10,091) (4.928) (7.344) Gross profit 2,523 1,232 1,296 Distribution costs (650) (148) (195) Administrative expenses (577) (448) _(75) Operating profit 1,296 636 1,026 Investment income _250 Profit before tax 1,546 636 1,026 Tax (621) (275) (432) Profit after tax _925 361 594 Additional information: 1. Pully's investments in Sully and Tully were made as follows: Percentage of ordinary shares held Date Investment in Tully Investment in Sully 1 July 2020 1 January 2021 2021.5 PS 30% 80% 2. In May 2021 Pully sold goods to Sully at an invoiced amount of $50,000, earning a margin of 25% on cost. These were the only goods sold to Sully and they remained in the inventory of Sully at 30 June 2021. PT 180 15% 3. During the year, Pully made sales of $180,000 to Tully with the same margin as stated in 2 above. None of these goods remained in Tully's inventory at the year end. 4. S The dividends paid by Sully and Tully during the year were $120,000 and $250,000 respectively. Pully had accounted for the dividends received as investment income in its own records. Required: Prepared for Pully a consolidated income statement for the year ended 30 June 2021. Round to the nearest thousand dollars. (20 marks)
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