Additional information 1. The group accounts of China have been prepared except for the inclusion of the results of Beijing that have not yet been consolidated. 2. Two years ago China acquired 80% of the shares of Beijing for the GHS145,000 when the fair value of the net assets was GHS140,000. The fair value of the NCI at acquisition was GHS20,000. Goodwill is to be calculated in full. No goodwill has been impaired. 3. In the first year Beijing reported a profit for the year of GHS50,000. 4. Mid way through the financial year, China sells half of its holding of shares in Beijing to a third party for proceeds of GHS150,000. The disposal has been accounted for in the accounts of China by comparing the sale proceeds with the cost of shares sold so the gain of GHS77,500 has been recognised. The residual holding of 40% leaves China with significant influence over Beijing. This residual holding has a fair value of GHS150,000. 5. China has other subsidiaries participating in the same activities as Beijing, so the total disposal of Beijing does not represent a discontinued operation per "IFRS 5 Non-current assets held for sale and discontinued operations". 6. The results of China group include the consolidation of its other group companies but not yet the results of Beijing. Profits in the current year can be assumed to accrue evenly. No group company has paid a dividend. Required: (a) Prepare the consolidated statement of profit or loss and other comprehensive income for the China group. (b) Prepare the consolidated statement of profit or loss and other comprehensive income for the China group, on the basis that at mid-year there was a total disposal of China's investment in Beijing for GHS350,000 and this represents a discontinued operation for the China group. The statements of profit or loss and other comprehensive income are as follows: China group Beijing GHS GHS Revenue 730,000 400,000 Operating costs (450,000) (300,000) Operating profits 280,000 100,000 Exceptional gain on sale of Beijing 77,500 Profit before tax 357,500 Tax (150,000) (40,000) Profit for the year 207,500 60,000 Other comprehensive income Revaluation gains 10.000 Total comprehensive income for the year 217,500 Attributable to the parent Attributable to the NCI Profit for the year 147,500 60,000 207,500 Attributable to the parent 157,500 Attributable to the NCI 60.000 Total comprehensive income for the year 217,500