The financial statements of three companies are as follows:

Statement of financial position Ocean Sea Lake

GHS000 GHS000 GHS000

Investment in Sea (90%) 800

Investment in Lake (40%) 500

Investment in Lake (30%) 800

Assets 700 250 800

2,000 1,050 800

Share capital (GHS1) 500 200 80

Share premium 500 Nil 60

Retained earnings 850 400 510

Equity 1,850 600 650

Liabilities 150 450 150

2,000 1,050 800

Statements of profit or loss Ocean Sea Lake

GHS000 GHS000 GHS000

Revenue 3,150 2,000 2,500

Operating costs (2,300) (1,820) (2,000)

Operating profit 850 180 500

Tax (350) (80) (250)

Profit for the year 500 100 250

Additional information

1. Ocean made its investment in Sea three years ago when the retained earnings of Sea were GHS200,000, the fair value of the NCI was GHS50,000 and the fair value of the net assets GHS500,000. The fair value adjustment relates to the non-depreciable asset of land.
2. Ocean made its investment in Lake two years ago when the retained earnings of Lake were GHS100,000. The initial investment gave Ocean significant influence over the financial and operating policies of Lake. At that date the carrying value of the net assets were not materially different from their fair value.
3. Sea made its investment in Lake six months ago. At that date the book value of the net assets were not materially different from their fair value. At that date the fair value of the Oceans investment in Lake was GHS700,000 and the fair value of the effective NCI in Lake was GHS700,000.
4. Ocean has a policy always to calculate goodwill in full on the acquisition of a subsidiary. The impairment reviews reveal no impairment losses are to be recorded. No dividends have been paid in the current year. No group company has issued any shares in the last three years. Profits are assumed to accrue evenly.

Required:

Prepare the consolidated statement of financial position and the consolidated statement of profit or loss of Ocean