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(Uptown Ltd and Downtown Ltd, investment in associates, IAS 28)On 1 Jan 2020, Uptown Lid acquired a 40% stake in Downtown Ltd for $220,000 cash. Atthe time of the acquisition, Downtown’s share capital was $300,000, its retained earningswere $200,000, and all its assets and liabilities were fairly valued.Below are the summarized financial statements of Downtown Ltd for the years ended 31 Dec2020 and 2021. Downtown did not pay any dividends during 2020 and 2021.#+FYE 31 Dec ($’000)20202021Profit & Loss Statement:Revenues1,4001,550Expenses(1,650)(1,900)Net Profit (Loss) after tax(250(350)Balance Sheet:Cash210170Other assets1,8001,700Total Assets2,0101,870Total Liabilities1,7601,970Share capital300300Retained earnings(50)(400)Liabilities & Equity2,0101,870

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