the consolidated statement of financial position for mic as at 31 march 2009 and its 4375167

The consolidated statement of financial position for MIC as at 31 March 2009 and its comparative for 2008 are shown below: The consolidated income statement for MIC for the year ended 31 March 2009 is shown below: ……………………………………………………………………………. $000 Revenue ……………………………………………………………….. 12 000 Cost of sales ……………………………………………………………. (8,400) Gross profit …………………………………………………………….. 3 600 Distribution costs ……………………………………………………….. (400) Administrative expenses ……………………………………………… (1 260) Finance costs ……………………………………………………………. (450) $000 Share of profit of 500 associate Profit before tax 1 990 Income tax expense (600) PROFIT FOR THE YEAR 1 390 Attributable to: Owners of the parent 1 200 Non-controlling interest 190 1 390 Additional information: 1. There were no disposals of property, plant and equipment in the year. Depreciation charged in arriving at profit totaled $1,800,000. 2. MIC acquired 90% of the ordinary share capital of GH on 1 December 2008 for a cash consideration of $460,000 plus the issue of 1 million $1 ordinary shares in MIC, which had a deemed value of $3.60 per share at the date of acquisition. The fair values of the net assets acquired were as follows: $000 Property, plant and equipment 800 Inventories 2 200 Receivables 700 Cash and cash equivalents 200 Payables (500) 3 400 MIC made no other purchases or sales of investments in the year. The group policy is to value the non-controlling interest at acquisition at the proportionate share of the fair value of the net assets. 3. Finance costs include interest on loans and any gains or losses on held for trading investments. All interest due was paid in the year. Required: Prepare the consolidated statement of cash flows for MIC for the year ended 31 March 2009. View Solution:
The consolidated statement of financial position for MIC as at

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