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Question (2) On 1 January 2017, Pyramids Co. acquired 80% of the ordinary share capital of Sphinx Co. when the retained earnings balance was 48,000. The statement of financial position and statement of profit or loss for the year ended 31 December 2019 are set out below: Statement of Financial Position as at 31 December 2019 Pyramids Co. Sphinx Co. Non-current Assets Property, plant and equipment 165,000 120,000 Investment in Sphinx Co. 172,000 337,000 120,000 Current Assets Inventories 288,000 175,000 Trade Receivables 206,000 125,000 Cash 31,000 8,000 525,000 308,000 Total Assets 862,000 428,000 Equity Share capital (l ordinary share) 300,000 72,000 Retained earnings 220,000 98,000 520,000 170,000 Current liabilities Trade Payables 342,000 258,000 Total Equity and liabilities 862,000 428,000 Statement of Profit or Loss for the year ended 31 December 2019 Pyramids Co. Sphinx Co. Revenues 100,000 90,000 Cost of sales 65,000) (60,000) Gross profit 35,000 30,000 Distribution and administration expenses (5500) (4000) Profit from operation 29,500 26,000 Income from investment 10,000 Profit before tax 39,500 26,000 Tax (12,000) (9000) Profit of the year 27,500 17,000 Additional information: Statement of Profit or Loss for the year ended 31 December 2019 Pyramids Co. Sphinx Co. Revenues 100,000 90,000 Cost of sales (65,000) (60,000) Gross profit 35,000 30,000 Distribution and administration expenses (5500) (4000) Profit from operation 29,500 26,000 Income from investment 10,000 Profit before tax 39,500 26,000 Tax (12,000) (9000) Profit of the year 27,500 17,000 dditional information: 1. At the date of acquisition, the fair value of Sphinx assets and liabilities are equal to their carrying value except for the following: Excess of fair value over carrying value Inventory 5,000 Sphinx used FIFO and the inventory has been sold in the first year after acquisition Plant 20,000 Straight-line method over remaining life of 5 years. The assets group policy is to charge fair value depreciation to cost of sales. 2. The group policy is to evaluate NCI at fair value. At acquisition date, the fair value of NCI is 33,000. 3. During 2019, goodwill has been tested for impairment and it is concluded that goodwill should be impaired by 7,000. Cumulative impairment loss on recognized goodwill amounted to 3,000 at 31 December 2018. The group policy is to charge goodwill impairment loss to distribution and administrative expenses. 4. During 2019, Pyramids Co. sold goods to Sphinx Co. for 15,000 (invoice price). Sphinx Co. had sold 40% of these goods by 31 December 2019. Pyramids Co marked up is 20%. 5. During 2019, Sphinx Co. sold goods to Pyramids Co. for 18,000 (cost of inventory). Pyramids Co. hold 50% of these goods by 31 December 2019. Sphinx Co price these goods at a margin of 10% of sales. 6. During 2019, sphinx Co. paid total dividends of 10,000. 7. Sphinx Co. trade receivables at 31 December 2019 include 25,000 due from Pyramids Co. which did not agree with Pyramids Co. related trade payables. This was due to cash in-transit of 5,000 from Pyramids Co. to Sphinx Co. Required: 1. Prepare the consolidated statement of financial position for Pyramids Co. Group for the year ended 31 December 2019. (25 marks) 2. Prepare the consolidated statement of profit of loss for Pyramids Co. Group for the year ended 31 December 2019. (10 marks) (Total: 35 marks)