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Could someone explain how to prepare this consolidated financial statement, (journal entries not required) Choco Limited acquired its 100 per cent interest in Late Limited

Could someone explain how to prepare this consolidated financial statement, (journal entries not required)image text in transcribedimage text in transcribedimage text in transcribed

Choco Limited acquired its 100 per cent interest in Late Limited on 1 April 2015. The payment for the interest in Late Limited represented the fair value of the consideration transferred. At that date contributed equitv and reserves of Late Limited were: Contributed equitv Retained earnings 500,000 300,000 800,000 At the date of acquisition all assets were considered to be fairly valued During the year Choco Limited made total sales to Late Limited of $150,000, while Late Limited sold $100,000 in inventory to Choco Limited The opening inventory in Choco Limited as at 1 April 2011 included inventory acquired from Late Limited for $120,000 that had cost Late Limited S90,000 to produce The closing inventory in Choco Limited includes inventory acquired from Late Limited at a cost of S85,000. This cost Late Limited $65,000 to produce. The closing inventory of Late Limited includes inventory acquired from Choco Limited at a cost of S40,000. This cost Choco Limited S32,000 to produce. The management of Choco Limited believe that goodwill acquired was impaired by $10,000 in the current reporting period. Previous impairments of goodwill amounted to $20,000 On 1 April 2017, Choco Limited sold an item of plant to Late Limited for S300,000 when its carrying value in Choco Limited's financial statements was $260,000. The cost of the plant was S350,000 and accumulated depreciation was $90,000. This plant is assessed as having remaining useful life of eight years from the date of sale Late Limited paid $50,000 in management fees to Choco Limited. Choco Limited rents office space to Late Limited for $120,000 per year. The rent has not been paid yet. On 15 February 2018, Late Limited declared a dividend of $70,000 Required Prepare the consolidated financial statement of Choco Limited and its controlled entity for the reporting period ended 31 March 2018. Use the consolidation worksheet provided

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