The financial statements of three companies are as follows:

Statement of financial position                     Ocean          Sea              Lake

                                                                      GHS’000      GHS’000          GHS’000

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

                                                                      GHS’000      GHS’000          GHS’000     

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 Ocean’s 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.