Prepare for ocean limited a consolidated statement of financial position as at $31$December $2023$

' ACC4122 otateceounting Question 3 (25 marks) The financial statements of Ocean Limited ("Ocean") and Lake Limited ("Lake") for the year ended 31 December 2023 are as follows: Statements of Financial Position as at 31 December 2023 ASSETS Non-current assets Land Property, plant and equipment Investment in Lake Current assets Inventory Trade receivables Cash Total assets EQUITY AND LIABILITIES Equity Ordinary share capital General reserve Retained profits Current liabilities Trade payables Current tax payable Dividend payable Total equity and liabilities 4 Ocean $'000 7,800 2,000 9,800 4,000 13,800 1,900 1,480 890 4,270 18,070 5,500 2,400 4,100 12,000 3,600 1,350 1,120 6,070 18,070 Lake $'000 2,800 790 3,590 3,590 1,350 980 360 2,690 6,280 2,500 770 (ffo) zY6f> If 4,230 560 870 620 2-(IEI) 2,050 6,280 uestion3 Continued The following information is available: (l) on I 00 and retained profits were $440,000 and S420,ooo respectively. At the acquisition date, the fair land was $300,000 in xcess of its carrying amount. kLv) 355000 (2) Lake sold goods with a price of $660,000 to Ocean during the year at cost plus 20%. 31 December 2023, half of which remained unsold by Ocean. It is the group's policy to allocate to the n on-controlling interests their proportionate share of the intragroup unrealised profit recognised in non-wholly owned subsidiaries. (3) At 31 December 2023, the trade receivables of Lake included the amount due from Ocean of $410,000. 4) Impairment loss of consolidated goodwill for $730,000 has to be provided. (5) Ocean and Lake declared a dividend of and S620,ooo respectively before year end. Ocean has not recorded its shares of dividend from Lake yet. (6) Non-controlling interest is measured at the non-controllin interest's roportionate share of the acquiree's identifiable net assets. Required: Prepare for Ocean Li ited a consolidated statement of financial position as at 31 otal 2S marks) Dec m e 2023. ROO) 3015 s