Homework for Chapter 5 P Ltd is an entity whose functional and presentational currency is the dollar ($). On 1 January 20*1, P Ltd acquired 80% of the share capital of S Ltd, an entity whose functional currency is the Franc. S Ltd's reserves at this date showed a balance of Fr 4,000. P Ltd paid Fr 21,000 for the investment in S Ltd. Below are the financial statements of P Ltd and S Ltd for the year ended 31 December 20*2. Statements of financial position at 31 December 20*2 Non-current assets Investment in S Ltd Current assets P Ltd S Ltd $ Fr 60,000 25,000 4,200 35,800 15,000 100,000 40,000 Equity Share capital Reserves 50,000 15,000 20,000 14,000 70,000 29,000 Current liabilities 30,000 11,000 100,000 40,000 Statement of profit or loss and other comprehensive income for the year ended 31 December 20*2 P Ltd S Ltd $ Fr Revenue Operating expenses Profit from operations Financial costs 25,000 10,000 (10,000) (4,000) 15,000 6,000 (5,000) (1,500) Profit before tax Tax Profit for the year 10,000 4,500 (3,000) (1,000) 7,000 3,500 Other comprehensive income Total comprehensive income 7,000 3,500 Exchange rates have been as follows: 1 January 20*1 31 December 20*1 31 December 20*2 Average for the year ended 31 December 20*2 Fr: $1 5 3 2 2.5 It is P Ltd's policy to measure NCI at fair value at the date of acquisition and the fair value of the non-controlling interest in S Ltd was deemed to be Fr 4,500 at this date. Goodwill had been reviewed for impairment as at 31 December 20*1 but none had arisen. At 31 December 20*2, it was determined that goodwill should be impaired by Fr 1,000. Required: Prepare the consolidated statement of financial position and the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 20*2.