Prepare consolidated statement of comprehensive income.

On 1 October 2009, Premier acquired 80% of the equity share capital of Sanford. The purchase consideration was $6,800,000. Below are the summarised draft statements of comprehensive income of both companies Statements of comprehensive income for the year ended 30 September 2010 Premier Sanford $000 $000 Revenue 92,500 45,000 Cost of sales 70,500 36,000 Gross profit 22,000 9,000 Distribution costs 2,500 1,200 Administrative expenses 5,500 2,400 Finance costs 100 Nil Profit before tax 13,900 5,400 Income tax expense 3,900 1,500 Profit for the year 10,000 3,900 Other comprehensive income: Gain on revaluation of land (note (2)) 500 Nil Total comprehensive income 10.500 3.900 The following information is relevant: 1. At the date of acquisition, Sanford share capital was 5,000,000 $1 ordinary shares and retained earnings was $4,500,000. At the date of acquisition, the fair values of Sanford's assets were equal to their carrying amounts with the exception of its property. This had a fair value of $1.2 million below its carrying amount. This would lead to a reduction of the depreciation charge (in cost of sales) of $50,000 in the post-acquisition period. Sanford has not incorporated this value change into its financial statements. 2. Sales from Sanford to Premier throughout the year ended 30 September 2010 had consistently been $1 million per month. Sanford made a mark-up on cost of 25% on these sales. Premier had $2 million (at cost to Premier) of inventory that had been supplied in the post-acquisition period by Sanford as at 30 September 2010. 3. An impairment test indicates that 100% of goodwill was impaired. Required: Prepare the consolidated statement of comprehensive income for Premier for the year ended 30 September 2010