10.2 Arnold plc owns 75 per cent of the ordinary shares of Baker plc. The outline income...

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10.2 Arnold plc owns 75 per cent of the ordinary shares of Baker plc. The outline income statements of the two companies for the year ended on 31 December are as follows:

Income statements for the year ended 31 December Arnold plc Baker plc

£m £m Revenue 83 47 Cost of sales (36) (19)

Gross profit 47 28 Administration expenses (14) (7)

Distribution expenses (21) (10)

Profit before taxation 12 11 Taxation (4) (3)

Profit for the year 8 8 Required:
Prepare the consolidated (group) income statement for Arnold plc and its subsidiary for the year ended 31 December.

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