Question 1 On the 1 July 20X1 Somuah Ltd acquired 60% of Abor PLC, whose functional currency is Naira. (i) Somuah purchased the shares in Abor for N10, 000 on the first day of the accounting period. At the date of acquisition the retained profits of ABOR were N500 and there was an upward fair value adjustment of N1,000. The fair value is attributable to plant with a remaining five-year life. This plant remains held by Abors and has not been revalued. No shares have issued since the date of acquisition. (ii) Just before the year-end Somuah acquired some goods from a third party at a cost of GHC800, which it sold to Abor for cash at a mark up of 50%. At the year-end all the goods remain unsold. (iii) On 1 June X2 Somuah lent Abor GHC1,400. The liability remains incorrectly recorded by Abor at the historic rate. (iv) No dividends have been paid. Neither company has recognised any gain or loss in reserves. (v) Goodwill is to be translated at the closing rate. No goodwill has been impaired. The non-controlling interest is to be valued using the proportion of net assets method. The presentational currency of the group is to be the GHC. E. Required: In accordance with the appropriate standards, (1) Prepare the group statement of financial position at 30 June 20X2 (2) Prepare the group income statement for the year ended 30 June 202 (3) Prepare the group statement of other comprehensive income for the period showing the group exchange difference arising in the year