The following represents the abridged financial statements of X Lid and its subsidiary Y Lid; Statements of financial position as at 31 December 2019 X Assets PPE 200 000 200 000 Investments in Y Lid -30 000 ordinary shares of S2 each at fair value (cost $152 500) 152 500 Trade receivables SO 500 80 000 Cash and cash equivalence 27 000 45 000 430 000 345 000 Equity and liabilities Issued shares capital ordinary shares at $2 100 000 80 000 cach Retained camnings 270 000 190 000 Trade payables 60 000 75 000 430 000 345 000 X Lid acquired its interest in Y Led on 1 January 2017 when Y Lad's earnings amounted to $110 000. At the date of acquisition consider the carrying amount of the assets and liabilities of Y Lid to be equal to their fair values thereon Statement of comprehensive income for year ended 31 December 2019 105 000 Gross profit Dividend received Profit before tax Income tax expense Profit for the period Other comprehensive income Total comprehensive income 107 000 7 500 114 500 (34 500) 80 000 105 000 (35000) 70 000 80 000 70 000 Page 14 of 16 Statement of Changes in Equity for year ended 31 December 2019 Total X Total Y Ordinary share cap Retained Earnings 100 000 Balance (01-01-19) Profit for the period Dividend paid Balance (31-12-19) Ordinary Retained share earnings cap Y X 80 000 210 000 80 000 (20 000) 80 000 270000 130 000 70000 (10000) 190 000 310 000 80000 (20 000) 370 000 210 000 70 000 (10 000) 270 000 100 000 Required: prepare the consolidated financial statements. (20) The following represents the abridged financial statements of X Lid and its subsidiary Y Lid; Statements of financial position as at 31 December 2019 X Assets PPE 200 000 200 000 Investments in Y Lid -30 000 ordinary shares of S2 each at fair value (cost $152 500) 152 500 Trade receivables SO 500 80 000 Cash and cash equivalence 27 000 45 000 430 000 345 000 Equity and liabilities Issued shares capital ordinary shares at $2 100 000 80 000 cach Retained camnings 270 000 190 000 Trade payables 60 000 75 000 430 000 345 000 X Lid acquired its interest in Y Led on 1 January 2017 when Y Lad's earnings amounted to $110 000. At the date of acquisition consider the carrying amount of the assets and liabilities of Y Lid to be equal to their fair values thereon Statement of comprehensive income for year ended 31 December 2019 105 000 Gross profit Dividend received Profit before tax Income tax expense Profit for the period Other comprehensive income Total comprehensive income 107 000 7 500 114 500 (34 500) 80 000 105 000 (35000) 70 000 80 000 70 000 Page 14 of 16 Statement of Changes in Equity for year ended 31 December 2019 Total X Total Y Ordinary share cap Retained Earnings 100 000 Balance (01-01-19) Profit for the period Dividend paid Balance (31-12-19) Ordinary Retained share earnings cap Y X 80 000 210 000 80 000 (20 000) 80 000 270000 130 000 70000 (10000) 190 000 310 000 80000 (20 000) 370 000 210 000 70 000 (10 000) 270 000 100 000 Required: prepare the consolidated financial statements. (20)