On 1 April 20X4 (on the third month) Portus purchased a 70% holding in Sanus for $13.8m in cash. Sanus' total comprehensive income for the year ended 31 December 20X4 was $2.0m, accruing evenly over the year. Sanus did not pay any dividends in the year Required Prepare the consolidated statement of comprehensive income for the Portus Group for the year ended 31 December 20X4 .((excluding consolidation adjustments The statements of profit or loss and other comprehensive income of Portus and its subsidiary Sanus for the year ended 31 December 20X4 are as follows. (Revenue ((20,000/12)*9)-15,000 (Cost of sales ((7,000/12) 9)-5.250 Gross profit (Expenses ((1,500/12)*9-1,125 (Finance costs ((100/12)*9-75 (Profit before tax ((11,400/12) 9-8,550 (Income tax expense ((1,200/12) 9-900 PROFIT FOR THE YEAR (((10,200/12)*9-7,650 Other comprehensive income: Gains on property revaluation ((1,600/12) 9-1,200) TOTAL COMPREHENSIVE INCOME FOR THE YEAR Profit attributable to: Owners of the parent (B) Non-controlling interests Total comprehensive income attributable to (Owners of the parent (B Non-controlling interests Portus Sanus Consolidatio 171 000'S $'000 000'S 50,000 20,000 (26,000) (7,000) 24,000 13,000 (4,400) (1,500) (600) (100) 19,000 11,400 (3,400) (1,200) 15,600 10,200 1,100 1,100 1,600 1,600 Prepare the consolidated financial statements, given the following information: 1 On January 20X4 Portus purchased a 80% holding in Sanus for $15,000 in cash. All reserve is post-acquisition. 2 The non-controlling interest in Sanus is to be valued at its fair value of $3,500 at the date of acquisition. Non-current assets Property, plant and equipment Investment in Sanus (at cost) Loan stock in relation to the subsidiary Goodwill Current assets Inventories Trade receivables in subsidiary Trade receivables Cash Equity Share capital ($1 shares) Reserves Non-controlling interest Non-current liabilities Loan stock Long-term borrowings Current liabilities Trade and other payables parent Trade and other payables Reserve Parent company Portus Sans Consolidation 5000 5000 Non-controlling interest 44,000 16,000 15,000 3.500 62.500 16,000 1,000 6,000 300 3,300 1,100 1.400 600 6,000 7,700 68,500 23,700 10,000 13,600 49,000 2,000 59,000 14,400 2,000 6.500 4,800 Goodwill Consideration transferred Non-controlling interest Fair value of identifiable net assets at acquisition 300 3,000 1,000 68,500 23,700 Group share of reserve Non-controlling interest at acquisition Non-controlling interest share of reserve