Subsidiary disposal - accounting question

Hi monkeys,

I'm hoping some of you may help me with a couple of accounting issues related to a subsidiary disposal.

I've got a company that is selling a major sub which it impaired recently (say from 1.5 to 0.5m via goodwill impairment). I'm now trying to calculate accretion/dilution as follows:

Pro forma pre disposal

Take paren't consolidated income statement and balance sheet and:

• substract sub's i/s items from consolidated i/s up to but excluding net profit;
• add a line at the bottom of the consolidated i/s called 'profit from discontinued ops' which includes the net profit of the sub;
• substract all the assets and liabilities of the sub from the consolidated b/s;
• substract net assets of the sub from consolidated eqt;
• add a line on the b/s called 'held for sale'. This line contains net assets (equity) of the sub (1.5 in my example)

Pro forma post sale

Zero out 'profit from discontinued ops' in the i/s and 'held for sale' in the b/s; Add a line to the income statement called 'gain/loss on disposal' and populate it as follows: proceeds from sale - carrying value (i.e. 0.5 rather than 1.5 in my example as the sub was already impaired). Tax the profit before tax including gain on sale and carry the result through to equity.

Is the above correct? My issue is primarily to do with net assets of the sub which stands in its accounts at 1.5 vs the consolidated carrying value of the sub which is at 0.5. Do you know how to marry the two? Thanks!