Accumulated depreciation - Equipment Bank overdraft - GG Bank Trade and other payables Taxation paid Loan from subsidiary Profit before tax 128 000 94 000 48 000 175 600 238 300 190 000 170 000 120 000 540 000 486 000 1 671 600 1 276 300 Additional information: 1. Costa Ltd acquired its interest in Jumbo Ltd at 1 July 20.18. at that date, Jumbo Ltd's retained earnings amounted to R55 000. Costa Ltd paid R204 000, R75 000 of which was paid for goodwill. The balance was attributable to the revaluation of Jumbo Ltd's property. The carrying amount of the assets and liabilities were equal to the fair value thereof. At the date of acquisition there was no arrear preference dividend. Each share carries one vote. 2. Costa Ltd has bought all its inventories from Jumbo Ltd since 1 July 20.21. jumbo Ltd made a profit of 25% on the cost price of inventories sold to Costa Ltd. 3. Jumbo Ltd paid no preference dividends for the period 1 July 20.18 to 30 June 20.20. on 30 June 20.21 Jumbo Ltd paid a preference dividend of R22 500. 4. On 29 June 20.22 Jumbo Ltd sent inventories to the value of R20 000 to Costa Ltd, Costa Ltd only received the inventories on 3 July 20.22. 5. On 2 January 20.21, Costa Ltd sold a machine to Jumbo Ltd at a profit of R40 000. It is group policy to provide for depreciation at 25% per annum according to the reducing balance method. Ignore all forms of taxes. REQUIRED: QUESTION 1 Prepare the following consolidated financial statements of Costa Ltd and its subsidiary for the year ended 30 June 20.22. Page 3 of 9 Marks Notes to the financial statements are not required. 1.1 Consolidated statement of financial position as at 30 June 20.22 35 1.2 Consolidated statement of comprehensive income for the year ended 30 June 20.22 15