Business, 19.05.2020 16:22 hinokayleen5053

On 1 January 2010, Diego Ltd acquired 90% of the shares of Memphis Ltd when Memphis Ltd's accumulated profits were £54,000. On 10 January 2010 Diego Ltd received a dividend of £11,000 from Memphis Ltd out of the profits it earned in the prior year. The summarised statements of income for the year ended 31 December 2010 are: LOADING...(Click here for the statements of income.) Notes: 1. There were no inter-company transactions, other than the dividend. 2. There was no goodwill. Requirement: Prepare a consolidated statement of income for the year ended 31 December 2010.

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On 1 January 2010, Diego Ltd acquired 90% of the shares of Memphis Ltd when Memphis Ltd's accumulate...

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