Your answer nanswered Question 22 18/19 Not yet graded / 10 pts 1 March 2019, Peter Ltd acquired 60% of the ordinary share capital of Siwen Ltd. Both companies prepare financial statements to 30 November each year. The individual company statements of profit or loss for year ended 30th November 2019 are as follows: Revenue Cost of sales Peter Ltd Siwen Ltd 152,550 92,140 -61,480 -32.745 17/19 Mock Exande Financal Accounting p9 Gross Profit 91,070 59,395 Operating expenses 34.115 -16.487 Profit from operations 56,955 42.908 Taxation -14.050 8.528 Profit for the year 42.905 34,380 Other information: -Peter Ltd and Siwen Ltd are both manufacturing businesses. There was an impairment loss relating to the goodwill arisen on the acquisition of Siwen Ltd of 9,500 during the period from 1 March 2019 to 30 November 2019. -On acquisition date the fair value of one of Siwen Ltd's machines exceeded its book value by 2,000. Machines are depreciated at 30% rate using straight-line method. -Transactions between the two companies during the year to 30% November 2019 were as follows: A. On 15 July 2019, Peter Ltd sold goods costing 1,800 to Siwen Ltd for 2,700. All of these goods had been sold by Siwen Ltd by the end of the accounting year. B. On 30 September 2019, Siwen Ltd sold goods costing 3,500 10 Peter Ltd for 5,000. Only half of these goods had been sold by Peter Ltd by the end of the accounting year. C. The current liabilities of Siwen Ltd include 20 000 owed to Peter