please prepare

1) consolidated comprehensive income statement and balance sheet with all workings. thank you.

IS ON ste 5. The financial statements of The Waterloo Group of Grantly and its investee companies Clo and Donte at May 2016 are shown below: Draft Income Statements for the year ended 31 May 2016. honlucony 000 OS 91 92 bolest Grantly Clo Donte eru to be SOS Tk k k '000 '000 "000 Revenue 1,138 120488 149 Cost of sales SEO s epal (576) 150 (59) mag 0000 Gross profit OSTOS 562 no 27490 10 000.008 bolos Other operating expenses (138) (54) (40) O Trololo con Profit from operations 4240 220 50 folo novisupalo Interest payable (38) (44) (14) bod Profit before tax 386 176 36 Taxation (54) (24) (6) Profit for the year 332 152 30 (214) Donte Tk *000 712 712 56 Draft Statements of financial position as at 31 May 2016. Grantly Clo Tk Tk 000 000 Non-current assets Property, plant and equipment 690 812 Investments 1.950 2,640 812 Current assets Inventories 700 594 Receivables 1,000 180 Cash and cash equivalents 375 25 2,075 799 4.715 1,611 Equity Share capital (Tk 1 ordinary shares) 1,875 600 Reserves 1,125 690 3,000 1,290 Non-current liabilities 7% Bank loan 300 200 Current liabilities Trade payables 1,350 101 Tax payable 65 20 1,415 121 4,715 1,611 130 15 201 913 500 160 660 50 188 15 203 913 Additional information: (a) During the year Grantly acquired a new asset with a fair value of Tk 100,000 under a finance lease. The lease agreement states payments of Tk 20,000 must be paid for six years on 31 May each year, starting on 31 May 2016. At the end of the six-year period legal title of the asset will pass to Grantly. (b) Grantly believes the only accounting entry it must make in relation to this asset is for the Tk 20,000 payment it has made and Grantly has treated this as an operating expense. (c) Grantly acquired 600,000 ordinary shares in Clo on 1 June 2012 for Tk 1,550,000 when the reserves of Clo were Tk 200,000. (d) At the date of acquisition of Clo, the fair value of its property was Tk 375,000 higher than its book value and considered to have a remaining life of 10 years. (e) Grantly acquired 150,000 ordinary shares in Donte on 1 June 2015 for Tk 400,000 when the reserves of Donte were Tk 90,000. The fair values of assets of Donte were the same as their net book value at that date. (1) Depreciation should be treated as an operating expense. (9) Grantly manufactures a component used by Clo and Donte. Grantly sells this component at a margin of 25% and sold goods to Clo for Tk 52,000 during the year. None of these goods had been sold by Clo at 31 May 2016. Grantly sold goods to Donte for Tk 80,000 and Donte had sold all of these goods at 31 May 2016. (h) The receivables of Grantly include Tk 60,000 in respect of amounts owing by Clo and TK 35,000 in respect of amounts owing by Donte. The corresponding balances in the payables of Clo and Donte are Tk 40,000 (Clo) and Tk 35,000 (Donte). On 30 May 2016 Clo had sent a cheque to Grantly for Tk 20,000. () The impairment test on goodwill applied to Clo showed goodwill is to be impaired by 10% per annum on a straight-line basis. There has been no impairment for Donte