Consolidation Part I Presentation Question Set A 1 was iiluded in Reene $5000, www $'000 1,000 2,260 Bootie Co has owned 80% of Goose Co.'s equity since its incorporation. On 31 December 20X8 it despatched goods which cost $80,000 to Goose, at an invoiced cost of $100,000. Goose received the goods on 2 January 20X9 and recorded the transaction then. The two companies' draft accounts as at 31 December 20X8 are shown below: Nore. Divided income of $32,000 (43,00w Statements of profit or loss Bootie Goose $'000 ind Revenue 5.000 Bestie Cost of sales 2.900 600 500 Gross profit 2,100 400 220 1,700 Other expenses 320 Net profit 400 80 Income tax 130 25 Profit for the year 270 55 Statement of changes in equity Equity and Equity and reserves reserves $'000 $'000 Opening balance 285 Total comprehensive income (profit) for the year 270 55 Dividends (40) Closing balance 2,400 300 Statements of financial position Bootie Goose $'000 $'000 $'000 $'000 ASSETS Non-current asseis Property, plant and 1,920 200 equipment Investment in Goose 80 2.000 Current assets Inventory 500 120 Trade receivables 650 40 Bank and cash 390 35 1,540 195 395 EQUITY AND LIABILITIES Equity Share capital 2.000 100 Retained earnings 400 200 (130) 200 3,540 2,400 300 Current liabilities Trade payables Dividend payable Tax 910 100 130 30 40 1.140 3,540 95 395 Required Prepare draft consolidated financial statements (ignoring tax Note: Dividend Receivable of $32,000 [40,00 X 807 I was included in Trade Recenable $650,000 under Bootie record