the statements of comprehensive income for highway plc road ltd and lane ltd for the 1572193

The statements of comprehensive income for Highway plc, Road Ltd and Lane Ltd for the year ended 31 December 20X9 were as follows:

Highway plc acquired 80% of Road Ltd for $160,000 on 1.1.20X6 when Road Ltd’s share capital was $64,000 and reserves were $16,000. Highway plc acquired 30% of Lane Ltd for $40,000 on 1.1.20X7 when Lane Ltd’s share capital was $8,000 and reserves were $8,000. Goodwill of Road Ltd had suffered impairment charges of $14,400 in previous years and $4,800 was to be charged in the current year. Goodwill of Lane Ltd had suffered impairment charges of $3,520 in previous years and $1,760 was to be charged in the current year. During the year Road Ltd sold goods to Highway plc for $8,000. These goods had cost Road Ltd $1,600. 50% were still in Highway’s inventory at the year end. During the year Road Ltd sold goods to Highway plc for $6,400. These goods had cost Lane Ltd $3,200. 50% were still in Highway’s inventory at the year end. Highway’s revenue included management fees of 5% of Road and Lane’s turnover. Both of those companies have treated the charge as an administration cost.

Required: Prepare Highway’s consolidated statement of comprehensive income for the year ended 31.12.20X9.