Tethfield Ltd acquires 70 percent of the shares of Beecham Ltd January 1, 2018. The parent pays $200,000 and the acquisition-date fair value of the noncontrolling interest is $50,000. Tethfield Ltd allocates the entire $25,000 excess fair value over book value to adjust equipment owned by Beechham to fair value. The equipment has an estimated remaining life of 10 years. Beechham records net income of $15,000 in 2018 and $35,000 in 2019. Dividend payments are $10,000 in the first year and $25,000 in the second.

Intercompany sales between a Tethfield and Beecham are as follows:

					2018	2019
Sale prices from Tethfield to Beecham					40,000	50,000
Historical cost					30,000	35,000
Inventory remaining at year-end (at sale price)					8,000	10,000
Gross profit percentage					25%	30%

The gross profit and operating expenses of Tethfield and Beecham for 2019 are as follows:

		Tethfield	Beecham
Sales		300,000.00	150,000.00
Less: Cost of Goods Sold		160,000.00	90,000.00
Gross Profit		140,000.00	60,000.00
Operating expenses		85,000.00	25,000.00

Tethfield uses the equity method to value its investment in Beecham.

Prepare the Consolidated Profit or Loss for the year ended 31 December 2019. Show all workings.

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