Question one Cargo Ltd is an aviation company with its headquarters located in the Zimbabwe`s Capital Harare, and owns a fleet of Cargo planes plying different routes in the Southern region. The company modified its business model to include private Jet hire services which resulted in an acquisition of Fast-Jet Ltd. The trial balances of two companies for the year to 31 August 2023 are presented below. Cargo Ltd ($) Fast-Jet Ltd ($) Debits Property plant and equipment (CA) 400 000 555 000 Investment in Fast-Jet Ltd 150 000 $1 ordinary shares at fair value 510 000 - Trade receivables 86 000 196 000 Tax expense 76 000 40 500 Dividends paid - 12 000 1 072 000 803 500 Credits Ordinary Share Capital -$1 shares 200 000 187 500 Share Premium account - 270 000 Non-distributable reserve - 45 000 Long term loans 185 000 40 000 Profit before tax 255 000 135 000 Retained earnings- I September 2022 422 400 126 000 Dividends Received 9 600 - 1 072 000 803 500 Additional information 1. Cargo Ltd acquired 75% of interest in Fast-Jet Ltd on 1 June 2018 at $120 000. At the date of acquisition, Fast-Jet Ltd`s share capital stood at $120 000 ($1 ordinary shares), Retained earnings at $94 000 and Non-Distributable reserve at $45 000. The fair value of identifiable assets at the date of acquisition were considered to be equal to their carrying amounts thereof. 2. Fast-Jet Ltd had a rights issue, the terms of which were 2 shares for every 3 shares held at $5 per share on 30 April 2023. Cargo Ltd took up all its rights while the Non-Controlling shareholders only purchased 7 500 shares. 3. Fast-Jet Ltd earned $81 000 of its operating profit in the first 23 of the year and the applicable tax rate was 30%. 4. On 1 July 2023 Cargo Ltd sold an undeveloped piece of land for the purposes of building an air-strip for Jet landing at $150 000. The cost price of the piece of land in the books of Cargo Ltd was $85 000. 5. On 30 August 2023 the Directors of Cargo Ltd declared a dividend for the year amounting to $30 000. 6. Goodwill was not considered to be impaired at year end. 7. The fair value of available for sale assets are equal to the cost price thereof Required. 1. Prepare a Cargo Ltd Group Consolidated Statement of Financial Position as at 31 August 2023 2. Prepare a Cargo Ltd Group Consolidated Statement of Comprehensive Income for the year to 31 August 2023. NB: Your answer must comply with the requirements of International Financial Reporting Standards (IFRS)/ International Accounting Standards (IAS). [25]