Qatari Pty Ltd invested in Acquiri Pty Ltd on 1 July 2017 by acquiring 30% of ordinary shares for P4m resulting in Qatari Pty Ltd having significant influence over Acquiri Pty Ltd. At the date of acquisition, the fair values of Acquiri Pty Ltd 's assets were all valued at fair value approximate to their carrying values. The buildings were the only assets with a remaining useful life of 10 years and a carrying value of P2m, on valuation the building had a fair value of P3.6m. During the period of acquisition between 1st July 2017 to 31st December 2017 goods were sold to Acquiri Pty Ltd for a profit of P200,000. These goods remained inventory and the debt remained outstanding as of 31st December 2017. Acquiri Pty Ltd profit after tax was P1,6m for the year ended and 31st December 2017 and an impairment of P100,000 was required to be adjusted in the financial statements.

Required: Prepare the consolidated statements of financial position and consolidated statement of profit and loss extracts for Qatari Pty Ltd reflecting the treatment of associated for the year ended 31st December 2017. (15marks)

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