! Below are the statements of comprehensive income of Tyson Co. plc., its subsidiary Denmark Co. pic. and associate Josh Co. plc. at 31 December 2017. Tyson, Denmark and Josh are public limited companies. Tyson Denmark Josh $'000 $'000 $'000 Revenue 500 150 70 Cost of sales (270) (80) (30) Gross profit 230 70 40 Other expenses (150) (20) (15) Finance income 15 10 Finance costs (20) 0 (10) Profit before tax 75 60 15 Income tax for year (25) (15) (5) Profit for the Year 50 45 10 Other Comprehensive Income: Gains on property revaluation, net of tax: 20 10 5 Total Comprehensive Income for The Year 70 55 15 You are also given the following information: 1. Tyson Co. plc. acquired 80,000 shares in Denmark Co. plc for $188,000 three years ago when Denmark had a credit balance on its reserves of $40,000. Denmark has 100,000 $1 ordinary shares. 2. Tyson acquired 40,000 shares in Josh for $60,000 two years ago when that company had a credit balance on its reserves of $20,000. Josh has $100,000 $1 ordinary shares. 3. During the year Denmark sold goods to Tyson for $66,000 (cost $48,000). None of the goods had been sold by the year end. 4. Group policy is to measure non-controlling interest at acquisition at fair value. The fair value of the non-controlling interest in Denmark at acquisition was $40,000. An impairment test carried out at the year end resulted in $15,000 of the recognized goodwill relating to Denmark being written off and recognition of impairment losses of $2,400 relating to the investment in Josh. Required: Prepare the consolidated statement of comprehensive income for the year ended 31 December 1017 for Tyson incorporating its associate. (20 marks) ! Below are the statements of comprehensive income of Tyson Co. plc., its subsidiary Denmark Co. pic. and associate Josh Co. plc. at 31 December 2017. Tyson, Denmark and Josh are public limited companies. Tyson Denmark Josh $'000 $'000 $'000 Revenue 500 150 70 Cost of sales (270) (80) (30) Gross profit 230 70 40 Other expenses (150) (20) (15) Finance income 15 10 Finance costs (20) 0 (10) Profit before tax 75 60 15 Income tax for year (25) (15) (5) Profit for the Year 50 45 10 Other Comprehensive Income: Gains on property revaluation, net of tax: 20 10 5 Total Comprehensive Income for The Year 70 55 15 You are also given the following information: 1. Tyson Co. plc. acquired 80,000 shares in Denmark Co. plc for $188,000 three years ago when Denmark had a credit balance on its reserves of $40,000. Denmark has 100,000 $1 ordinary shares. 2. Tyson acquired 40,000 shares in Josh for $60,000 two years ago when that company had a credit balance on its reserves of $20,000. Josh has $100,000 $1 ordinary shares. 3. During the year Denmark sold goods to Tyson for $66,000 (cost $48,000). None of the goods had been sold by the year end. 4. Group policy is to measure non-controlling interest at acquisition at fair value. The fair value of the non-controlling interest in Denmark at acquisition was $40,000. An impairment test carried out at the year end resulted in $15,000 of the recognized goodwill relating to Denmark being written off and recognition of impairment losses of $2,400 relating to the investment in Josh. Required: Prepare the consolidated statement of comprehensive income for the year ended 31 December 1017 for Tyson incorporating its associate. (20 marks)
