Goldfish is a diverse group of companies which holds investments globally. You are part of the financial team which need

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Goldfish is a diverse group of companies which holds investments
globally. You are part of the financial team which needs to ensure
that the investments below are accounted for in accordance with
International Financial Reporting Standards (IFRS) for the
financial year ended 31 December 2021.
At 31 December 2020 (the previous year-end), the consolidated
equity of Goldfish and its subsidiaries (excluding Starfish Ltd
(Starfish) as an associate) comprised of the following:
 Total equity worth R14 500 000 of which R3 500 000 is share
capital (1 000 000 shares), retained earnings were R2 000 000, the
shareholder’s equity of the parent company was standing on R5 500
000, and non-controlling interest stood on R3 500 000 (for various
horisontal subsidiaries)
Current year – 31 December 2021:
 The Goldfish group earned R3 000 000 profit after tax for the
year ended 31 December 2021. Goldfish (the parent company) declared
a dividend of R600 000 on 31 December 2021. This profit was
correctly determined in accordance with IFRS. Goldfish's policy is
to account for all investments in subsidiaries and associates at
cost in its separate financial statements.
 The non-controlling interest’s share of the profit and the
total comprehensive income amounted for the year ended 31 December
2021 to R1 007 600, and dividends allocated to these shareholders
were R200 000.
Investment in Starfish Ltd:
 Goldfish acquired a 25% interest in Starfish on 1 August 2019
for R22 000. On 1 August 2019, the share capital of Starfish
amounted to R80 000. Since 1 August 2019, Goldfish has participated
in managing Starfish.
 Since 1 August 2019, Starfish’s profit forecasts have seemed
optimistic. However, during 2020 Starfish suffered substantial
operating losses due to a big oil tanker leakage killing a material
number of fish in the ocean. The balance of the retained earnings
was as follows on the various dates:
1 August 2019
R20 000
31 December 2019 R25 000
31 December 2020 (R100 000)
31 December 2021 R38 000
 Starfish revalued its fish plant on 31 December 2021 and
recorded a revaluation surplus of R18 000 in other comprehensive
income.
 Except for the revaluation above, the Goldfish group did not
have any other ‘other comprehensive income’.
Ignore any tax consequences on the transactions above.
REQUIRED: Prepare the Consolidated
Statement of Profit or Loss and Other Comprehensive Income of the
Goldfish Group for the year ended 31 December 2021. Your answer
should comply with IFRS. No notes or comparative figures are
required. Clearly show all calculations and work to the nearest
Rand.