Consolidation Part II Presentation Question Set A 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: Note: Dividend nume Statements of profit or loss Revenue Cost of sales Gross profit Other expenses Net profit Income tax Profit for the year Statement of changes in equity Opening balance Total comprehensive income (profit) for the year Dividends Closing balance Statements of financial position ASSETS Non-current assets Property, plant and equipment Investment in Goose Current assets Inventory Trade receivables Bank and cash 500 of $32,000 (40,0 was included in Revenue $5,000,000 Bootie $'000 5,000 2,900 2,100 1,700 400 130 270 Equity and reserves $'000 2,260 270 (130) 2,400 8}B 3 2(E ' Bootie Goose $'000 $'000 $'000 1,920 80 2,000 500 120 650 40 390 35 - 1,540 195 3,540 3951 x807] under Bootie record EQUITY AND LIABILITIES Equity Share capital Retained earnings 2,000 400 100 200 2,400 300 Current liabilities Trade payables 910 30 Dividend payable 100 40 Tax 130 25 1.140 95 3,540 395 Required Prepare draft consolidated financial statements (ignoring tax) Nites Dividend Receivable of $32,000 [40,ow x 80%.] was included in Trade Receivable $650,000 under Boutie record