QUESTION ONE The following represents the financial statements of X Ltd and Y Ltd STATEMENT OF FINACIAL POSITION AS AT 30 JUNE 2022 ASSETS Noncurrent assets Property Plant and Equipment Investment-160 000 shares Fixed deposit XLTD Y LTD 210 000 120 000 105000 0 85 000 Current assets Trade and other receivables 25 000 45 000 Bank 75 000 0 TOTAL ASSETS 415 000 250 000 EQUITY AND LIABILITIES EQUITY Share capital-ordinary shares @ 180 000 100 000 R0.50 Retained earnings 120000 50 000 LIABILITIES Noncurrent liabilities Long term loan 100 000 65 000 Current liabilities Trade and other payables 15000 25 000 Bank overdraft 0 10 000 TOTAL EQUITY AND LIABILTIES 415 000 250 000 Additional Information: [30] X Ltd acquired its interest in Y Ltd on 01 July 2021 when Y Ltd's retained earnings were zero. At the date of acquisition assume the carrying amounts of all assets and liabilities of Y Ltd to be equal to the fair value thereof. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022 Profit before taxation Taxation Profit Required: X LTD 120 000 Y LTD 30 000 (40 000) (10 000) 80 000 20 000 Prepare the consolidated financial statements for the year 30 June 2022.