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Planetplc,a publiclimitedcompanyisexpanding the group business.On 1January2020,Planetplcacquired75% interest in SpaceLtdand25%interest inAeroLtd.Planetplcis represented on AeroLtd'sboard of directors.Below are the statement of comprehensive income ofPlanetplc,SpaceLtdandAeroLtdfor the year ended

Planetplc,a publiclimitedcompanyisexpanding the group business.On 1January2020,Planetplcacquired75% interest in SpaceLtdand25%interest inAeroLtd.Planetplcis represented on AeroLtd'sboard of directors.Below are the statement of comprehensive income ofPlanetplc,SpaceLtdandAeroLtdfor the year ended 31December2020.

Planetplc

($'000)

SpaceLtd

($'000)

AeroLtd

($'000)

Revenue

45,000

24,000

10,000

Cost of sales

(26,000)

(11,000)

(6,800)

Gross Profit

19,000

13,000

3,200

Operating expenses

(6,060)

(3,500)

(1,700)

Operating profit

12,940

9,500

1,500

Management services to SpaceLtd

20

-

-

Dividend from SpaceLtd

600

-

-

Finance Income

200

-

-

Finance costs

(150)

(120)

(10)

Profit before tax

13,790

9,380

1,490

Taxation

(4,800)

(2,780)

(450)

Profit aftertax

8,990

6,600

1,040

Additional information:

i)Planetplctrades with SpaceLtdand during the year.Planetplcsoldgoods for $3,000,000 toSpaceLtd.

ii)Planetplcsells toSpaceLtdat cost plus25%.Halfof thesegoods remain unsold inSpaceLtd.

iii)Planetplchasrecognized a dividenddeclared and paid by SpaceLtdof $600,000 during the year.

iv)Included in theoperating expenses of SpaceLtdis an amount of $200,000 management fees charged byPlanetplcfor the services provided.

v)Planetplccharges SpaceLtd4%interestfortheadvancesof $5,000,000grantedto SpaceLtdon 1 July 2020.

vi)Investment in AeroLtdis impaired by $50,000

REQUIRED:

(a)Preparethe consolidated statement of comprehensive income for the year ended 31 December2020.(Show all workings)

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