1. Now it is long question- the statement of profit and loss and other comprehensive income for Chatswood Ltd and Hornsby Ltd for the year ended 30 June 2022 are presented as follows Revenue for Chatswood and Hornsby are 2500 and 2100, cost of sale 2050 and 1750, gross profit 450 and 350, distribution and administrative expenses 160 and 90, profit befor tax 290 and 260, income tax expenses 95 and 80, profit for the year 195 and 180, other comprehensive income I.e gain on revaluation of property (net of tax) 30 and 20 and total comprehensive income for the year 225 and 200 respectively

Now additional information are

Chatswood Ltd acquired an 80% investment in Hornsby Ltd on 1 October 2021 and group policy is to measure non controlling interests at fair value at acquisition. Goodwill of $50000 arose on acquisition. The fair value of the net assets was the same as the carrying amount of net assets on acquisition

On 30 June 2022, an impairment review was conducted and it was decided that the goodwill on the acquisition of Hornsby was impaired by 5%.