Balance Sheet as at December 31, 2019 Equity Capital Ordinary share capital Retained profits Non-current Liabilities Loan from Sugar Limited Current Liabilities Trade creditors Accruals Dividend payable 28 372 0 800400 \begin{tabular}{rrr} 4,000 & 800 & 200 \\ 20.680 & 3.760 & 7.880 \\ 24.680 & 4.560 & 8.080 \\ \hline \end{tabular} 200 Page 2 Consolidation First Red Second Blue Third yellow Income Statement for the year ended December 31, 2019 dditional information: 1. Sugar Limited acquired a 70% holding in Tea Limited on January 1, 2018. At that time Tea Limited retained profits were $200,000 and the fair value of property, plant and equipment was $300,000 greater than their book value. Tea Limited has not incorporated any revaluation in its accounting records. If Tea had incorporated the revaluations at January 1, 2018 an additional amount of $100,000 would have been charged each year for depreciation. The additional depreciation should be charged to distribution costs. 2. Sugar Limited acquired a 25% holding in Coffee Limited on January 1,2018 . At that time Coffee Limited retained profits were $2,080,000. 3. An assessment of goodwill for Tea Limited on December 31, 2018 revealed an impairment of $60,000. 4. An assessment of goodwill for Tea Limited on December 31, 2019 revealed an impairment of $30,000. 5. An assessment of the investment in coffee Limited on December 31, 2018 revealed an impairment of $186,000. 6. An assessment of the investment in coffee Limited on December 31, 2019 revealed an impairment of $100,000. 7. Other operating income includes dividend income and interest income. No interest income was outstanding at the year end. 8. No property, plant and equipment were acquired or disposed of during the current financial year. 9. Inter-company debts included in trade debtors and trade creditors 10. Short term investments include a 60 days deposit for $100,000. 11. The number of ordinary shares issued by Sugar Limited on January 1, 2019 amounted to 3,000,000. On October 1,2019 Sugar Limited issued 1,000,000 ordinary shares. 12. The loan made by Sugar Limited to Coffee Limited is an interest free long term loan with no fixed repayment terms. Required: a. Prepare the Company Statement of Financial Position as at December 31, 2019. b. Prepare the Consolidated Statement of Comprehensive Income for the year ended December 31, 2019. c. Prepare the Consolidated Statement of Changes in Equity for the year ended December 31, 2019. d. Prepare the Consolidated Statement of Financial Position as at December 31, 2019. e. Prepare the following Notes to the Financial Statements for the year ended December 31, 2019: (1) Identification and (2) Significant Accounting Policies. f. Prepare the Consolidated Statement of Cash Flows for the year ended December 31,2019