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The statements of financial position and comprehensive income of Abu Bhd, Ali Bhd and FOO is given below: Ali Berhad RM FOO Berhad RM 250,000 270,000 430,000 370,000 20,000 820,000 520,000 188,000 117,000 110,000 10,000 80,000 Statements of Financial Position at 31 December 2020 Abu Berhad Assets RM Non-current assets Property, plant and equipment 900,000 Furniture and fittings 550,000 Investments 625.000 2,075,000 Current assets Inventories 525,000 Trade receivables 240,000 Inter-company current account 50,000 Cash at bank 250,000 Total assets 3,140,000 Equity & Liabilities Equity Ordinary shares 500,000 5% Reedemable Preference Shares Retained earnings 655,000 1,155,000 Current liabilities Trade payables 1,290,000 Dividend Proposed 50,000 Inter-company current account Other liabilities 645,000 Total Equity and Liabilities 3,140,000 125,000 1.250,000 720.000 200,000 350,000 50,000 260,000 660,000 170,000 370,000 254,000 135,000 336,000 1.250.000 10,000 205,000 720,000 Statements of Changes in Retained Earnings for the year ended 31 December 2020 Abu Berhad Ali Berhad FOO Berhad RM RM RM Balance at 1 January 2020 490.000 90.000 70,000 Profit for the year 215,000 187,500 110,000 Less: Dividends (50.000) (17,500) (10,000) Balance at 31 December 2020 655.000 260,000 170,000 Statements of Comprehensive Income for year to 31 December 2020 Abu Berhad Ali Berhad RM RM Revenue 1,500,000 600,000 Cost of sales (948,250) (291,600 Gross profit 551,750 308,400 Operating expenses (166,000) (80,400) Profit before tax 385,750 228.000 Interest Income/Expenses 2.250 (2,500) Dividend Income 17,000 2,000 (190,000) (40,000) Profit for the year 215,000 187,500 FOO Berhad RM 274.000 (99,000 175,000 (45,000) 130,000 Tax expense (20,000 110,000 The following information is relevant to the preparation of the group financial statements : i) On 1 January 2020 Abu Bhd acquired 90% of the preferen shares and 80% of the ordinary share in Ali Bhd on for RM45,000 and RM420,000 respectively. The retained profits of Ali Bhd at 1 January 2020 was RM90,000. There have been no changes in Ali Bhd's ordinary shares since then. ii) On 1 January 2020 Abu Bhd acquired 30% of the ordinary shares in FOO Bhd for RM160,000 when the retained profits of FOO Bhd was RM70,000. iii) At the date of acquisition, Abu conducted a fair value exercise on Ali's net assets and an item of equipment had a fair value of RM60,000 above its carrying amount. This revaluation has not been reflected in the books of Ali. At the date of acquisition, the equipment had an estimated life of 5 years iv) On 1 December 2020, Ali Bhd sold inventories to Abu Bhd for RM90,000. The goods were sold at a markup of 20%.Of these sales 40% of these goods were still in the inventory of Abu Bhd. v) On 30 December 2020, Ali Bhd made a payment of RM40,000 to Abu Bhd. The payment was only recorded in the books of Abu Bhd on 2 January 2021. vi) The goodwill arising on consolidation on Ali Bhd had been impaired by RM9,000 in the current year ended 31 December 2020. vii) On 31 December 2020, Abu Bhd proposed a dividend of 10 cents per ordinary share. Ali Bhd and FOO Bhd had paid a dividend of 5 cents per ordinary share on 30 December 2020. viii) It is group policy to value non-controlling interests using the percentage of net assets method. ix) The preference shares of Ali Bhd are redeemable and a dividend of 5% was paid on 30 December 2020. x) All revenues and expenses are expected to accrue evenly throughout the year. Required: Prepare a consolidated statement of comprehensive income for Abu and its group companies for the year to 31 December 2020. The statements of financial position and comprehensive income of Abu Bhd, Ali Bhd and FOO is given below: Ali Berhad RM FOO Berhad RM 250,000 270,000 430,000 370,000 20,000 820,000 520,000 188,000 117,000 110,000 10,000 80,000 Statements of Financial Position at 31 December 2020 Abu Berhad Assets RM Non-current assets Property, plant and equipment 900,000 Furniture and fittings 550,000 Investments 625.000 2,075,000 Current assets Inventories 525,000 Trade receivables 240,000 Inter-company current account 50,000 Cash at bank 250,000 Total assets 3,140,000 Equity & Liabilities Equity Ordinary shares 500,000 5% Reedemable Preference Shares Retained earnings 655,000 1,155,000 Current liabilities Trade payables 1,290,000 Dividend Proposed 50,000 Inter-company current account Other liabilities 645,000 Total Equity and Liabilities 3,140,000 125,000 1.250,000 720.000 200,000 350,000 50,000 260,000 660,000 170,000 370,000 254,000 135,000 336,000 1.250.000 10,000 205,000 720,000 Statements of Changes in Retained Earnings for the year ended 31 December 2020 Abu Berhad Ali Berhad FOO Berhad RM RM RM Balance at 1 January 2020 490.000 90.000 70,000 Profit for the year 215,000 187,500 110,000 Less: Dividends (50.000) (17,500) (10,000) Balance at 31 December 2020 655.000 260,000 170,000 Statements of Comprehensive Income for year to 31 December 2020 Abu Berhad Ali Berhad RM RM Revenue 1,500,000 600,000 Cost of sales (948,250) (291,600 Gross profit 551,750 308,400 Operating expenses (166,000) (80,400) Profit before tax 385,750 228.000 Interest Income/Expenses 2.250 (2,500) Dividend Income 17,000 2,000 (190,000) (40,000) Profit for the year 215,000 187,500 FOO Berhad RM 274.000 (99,000 175,000 (45,000) 130,000 Tax expense (20,000 110,000 The following information is relevant to the preparation of the group financial statements : i) On 1 January 2020 Abu Bhd acquired 90% of the preferen shares and 80% of the ordinary share in Ali Bhd on for RM45,000 and RM420,000 respectively. The retained profits of Ali Bhd at 1 January 2020 was RM90,000. There have been no changes in Ali Bhd's ordinary shares since then. ii) On 1 January 2020 Abu Bhd acquired 30% of the ordinary shares in FOO Bhd for RM160,000 when the retained profits of FOO Bhd was RM70,000. iii) At the date of acquisition, Abu conducted a fair value exercise on Ali's net assets and an item of equipment had a fair value of RM60,000 above its carrying amount. This revaluation has not been reflected in the books of Ali. At the date of acquisition, the equipment had an estimated life of 5 years iv) On 1 December 2020, Ali Bhd sold inventories to Abu Bhd for RM90,000. The goods were sold at a markup of 20%.Of these sales 40% of these goods were still in the inventory of Abu Bhd. v) On 30 December 2020, Ali Bhd made a payment of RM40,000 to Abu Bhd. The payment was only recorded in the books of Abu Bhd on 2 January 2021. vi) The goodwill arising on consolidation on Ali Bhd had been impaired by RM9,000 in the current year ended 31 December 2020. vii) On 31 December 2020, Abu Bhd proposed a dividend of 10 cents per ordinary share. Ali Bhd and FOO Bhd had paid a dividend of 5 cents per ordinary share on 30 December 2020. viii) It is group policy to value non-controlling interests using the percentage of net assets method. ix) The preference shares of Ali Bhd are redeemable and a dividend of 5% was paid on 30 December 2020. x) All revenues and expenses are expected to accrue evenly throughout the year. Required: Prepare a consolidated statement of comprehensive income for Abu and its group companies for the year to 31 December 2020