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Planet plc, a public limited company is expanding the group business. On 1 January 2020, Planet ple acquired 75% interest in Space Ltd and 25%

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Planet plc, a public limited company is expanding the group business. On 1 January 2020, Planet ple acquired 75% interest in Space Ltd and 25% interest in Aero Ltd. Planet plc is represented on Aero Ltd's board of directors. Below are the statement of comprehensive income of Planet plc, Space Ltd and Aero Ltd for the year ended 31 December 2020. Planet pidSpace Lidered (Sooms 000 000 45.000 24.000 10.000 Revenge Cost of sales $26.000 1.000.000 Kos Prati 19.000 13.000 3.2001 Operating expenses 16.0 13.500 (1.700 Operating profil 12.940 SO 1.300 20 Management services to Space Lid Dividend from Space Lid 600 Finance Income 200 Finance costs (150 (1208 Profit before tax 13.790 9.30 Taxation (4. 12.79 (4901 Profit after tax 8.990 6.00 1010 Additional information: i) Planet plc trades with Space Ltd and during the year. Planet plc sold goods for $3,000,000 to Space Ltd. ii) Planet ple sells to Space Ltd at cost plus 25%. Half of these goods remain unsold in Space Ltd. iii) Planet plc has recognized a dividend declared and paid by Space Ltd of $600,000 during the year, iv) Included in the operating expenses of Space Ltd is an amount of $200,000 management fees charged by Planet ple for the services provided. v) Planet ple charges Space Ltd 4% interest for the advances of $5,000,000 granted to Space Ltd on 1 July 2020. vi) Investment in Aero Ltd is impaired by $50,000 REQUIRED: (a) Prepare the consolidated statement of comprehensive income for the year ended 31 December 2020. (Show all workings)

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