only consolidate balance sheet and income states. do it as soon as possible

Task 1 Below are the financial statements for Kennedy and Fortress for the year ended 31/12/2020. Kennedy acquired an 80% share in Fortress on 31/12/20X0. All values stated in the statements below are considered to be the fair values at the date of acquisition. Non- controlling interests are to be accounted for using the proportionate approach. Immediately following the acquisition on 31/12/20X0 Kennedy decided to write off as an impairment charge 25% of the goodwill on the acquisition of Fortress and this has not yet been accounted for in the financial statements below. You are required to construct the Group Consolidated Statement of Financial Position and Group Consolidated Statement of Comprehensive Income for the Kennedy Group following the acquisition on the date 31/12/XO, taking into the account the information provided above, Balance sheet is attached separately. Task 2: 1,500 words Kennedy has decided to write off 25% of the goodwill upon the acquisition of Fortress in task 1 above. The process of asset impairment involves several key decisions in relation measurement and valuation within financial reporting. You are required to critically evaluate the concept of asset impairment in terms of whether you consider this process to provide information that is useful to shareholders and the wider stakeholder community in the context of published financial information Balance Sheets at 31/12/202X Kennedy E000's Fortress Non-current assets Property, plant, equipment Investment in subsidiary 845 6.250 1,350 7,600 845 Current assets Inventories Trade receivables Bank 700 500 1,625 2,825 10,425 250 143 425 818 1,663 Total assets Equity and reserves Share capital General Reserve Retained earnings Shareholders funds Non-current liabilities Loan Current liabilities Trade payables 5,000 1,500 325 6,825 1.000 125 211 1.336 3,000 195 600 600 10,425 132 132 1,663 000's Total equity and liabilities Income statements for year ended 31/12/202x Sales Cost of sales Gross profit Expenses Profit before tax income tax expense Profit after tax Kennedy 7,500 -6,000 1,500 - 1.200 300 -60 240 Fortress 4.250 -2.975 1,275 - 1.020 255 -51 204