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TechCore Ltd has provided the following financial data for its consolidated statement: Parent Company Net Income: 120,000 Subsidiary X Net Income: 50,000 Subsidiary Y Net

TechCore Ltd has provided the following financial data for its consolidated statement:
Parent Company Net Income: £120,000
Subsidiary X Net Income: £50,000
Subsidiary Y Net Income: £80,000
Requirements:
Prepare a consolidated income statement for TechCore Ltd for the year ended 31 December 2021.
Calculate the percentage of net income contributed by each subsidiary.
Discuss the advantages and challenges of preparing consolidated financial statements.

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