Parent plc acquired 80% of the ordinary share capital of Subsidiary plc on 1 January 2009 for 900$. Share Capital and retained earnings were 600$ and 400$ respectively in the subsidiary as the acquisition date. In arriving at the consideration for the shares in Subsidiary the fair value of its PPE were agreed at $10 below the book value (5 year remaining life to compute excess acquisition date fair value amortization) and goodwill was impaired by 20% during 2009 Goodwill calculated using the full goodwill method. The statements of comprehensive income for P and S for the year ended 31 December 2010 are as follows: During 2010, Parent sold inventory to Subsidiary for 420 including a mark-up of 25% on cost. 25% of this was included in the inventory of Subsidoary-remains unsold as at 31 December 2010. Also at 1 January 2009, Parent sold a PPE to Subsidiary for 70 - Sold PPE had a cost of $100 and $40 accumulated depreciation. S depreciates this asset over its remaining 5 year life (including a full year of depreciation in the year of purchase) using the straight-line method of depreciation. Prepare the consolidated statement of comprehensive income for the year ends 31 December 2010.Impairment and depreciation expenses are charged to operating expenses Remember: goodwill calculations are always done at acquisition date! Prepare a consolidated income statement for year ending 31/12/2010 and record all necessary entries Consolidated Statement of comprehensive income for P and S Group for year ended 31 December 2010