Comprehensive Income

Below are the statements of comprehensive income of Mycro, its subsidiary Macro and associates Tycro at 31 December 2017. Mycro, Rick and Brads are public limited companies.

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You are also given the following information:
1. Mycro acquired 80,000 share in Macro for $188,000 3 years ago when Macro had a credit balance on its reserves of $40,000. Macro has $100,000 $1 ordinary shares.
2. Mycro acquired 40,000 shares in Tycro for $60,000 for $60,000 Tycro has 100,000 $1 ordinary shares.
3. During the year Macro sold some goods to Mycro for $66,000 (cost $48,000). None of the goods sold by the year end.
4. Group policy is to measure non-controlling interest at acquisition at fair value. The fair value of the non-controlling interes in Macro at acquisition was $40,000. An impairment test carried out at year end resulted in $15,000 of the recognized goodwill relating to Macro being written off and recognition of impairment losses of $2400 relating to the investment in Tycro.
Prepare the consolidated statement of Comprehensive Income for the year ended 31 December 2017 for Mycro Group, incorporating its associate. (25 marks)

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