Set out below are the financial statements of Ant Co., its subsidiary Bug Co. and an associated…

Set out below are the financial statements of Ant Co., its subsidiary Bug Co. and an associated company Nit Co. for the accounting year-end 31 December 20X9.

Ant Co. acquired 80% of the shares in Bug Co. on 1 January 20X7 when the balance on the retained earnings of Bug Co. was $45,000 and the balance on the general reserve of Bug Co. was $12,000. The fair value of the non-controlling interest in Bug on 1 January 20X7 was $21,000. Group policy is to measure non-controlling interests using Method 2. Ant Co. also acquired 25% of the shares in Nit Co. on 1 January 20X8 when the balance on Nit’s retained earnings was $22,500 and the general reserve $6,000.

During the year Ant Co. sold Bug Co. goods for $12,000, which included a markup of one-third. 90% of these goods were still in inventory at the end of the year.

Required:

(a) Prepare a consolidated statement of income for the year ending 31/12/20X9, including the associated company Nit’s results.

(b) Prepare a consolidated statement of financial position at 31/12/20X9, including the associated company.

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