Consolidated financial statements, multiple subsidiaries, acquisitions on the same date   LO3 Pakistan Ltd acquired 75% of the issued shares of Peru Ltd on 1 July 2016 for $1 900 000. The identifiable assets and liabilities of Peru Ltd were recorded at fair value at acquisition date. The equity of Peru Ltd consisted of the following items. Share capital $ 500 000 General reserve 800 000 Retained earnings 1 200 000 $2 500 000 On the same date, Peru Ltd acquired 60% of the issued shares of Philippines Ltd for $1 100 000. The identifiable assets and liabilities of Philippines Ltd were also recorded at fair value. The equity of Philippines Ltd consisted of the following items. Share capital $ 660 000 General reserve 500 000 Retained earnings 500 000 $1 660 000 The financial information provided by the three companies for the year ended 30 June 2021 is as follows. The following additional information was obtained. • All transfers to general reserve were from post‐acquisition profits. • Included in the plant and machinery of Philippines Ltd was a machine sold by Peru Ltd on 30 June 2018 for $75 000. The asset had originally cost $130 000 and it had been written down to $60 000 prior to the intragroup sale. Philippines Ltd depreciates the machine on a straight‐ line basis over 5 years, with no residual value. • Philippines Ltd had transferred one of its motor vehicles (carrying amount of $15 000) to Pakistan Ltd on 31 March 2020 for $12 000. Pakistan Ltd regarded this vehicle as part of its inventories. The vehicle was sold by Pakistan Ltd to external entities on 31 July 2020. • The tax rate is 30%. Pakistan Ltd Peru Ltd Philippines Ltd Sales revenue $2 850 000 $1 100 000 $ 880 000 Other revenue 420 000 200 000 60 000 Total revenues 3 270 000 1 300 000 940 000 Cost of sales 1 410 000 520 000 380 000 Other expenses 200 000 80 000 110 000 Total expenses 1 610 000 600 000 490 000 Profit before income tax 1 660 000 700 000 450 000 Income tax expense 580 000 160 000 140 000 Profit 1 080 000 540 000 310 000 Retained earnings (1/7/20) 4 070 000 2 300 000 1 120 000 Total available for appropriation 5 150 000 2 840 000 1 430 000 Dividend paid 400 000 160 000 80 000 Dividend declared 400 000 200 000 90 000 Transfer to general reserve 100 000 50 000 40 000 900 000 410 000 210 000 Retained earnings (30/6/21) $4 250 000 $2 430 000 $1 220 000 Required Prepare the consolidated statement of profit or loss and other comprehensive income and statement of changes in equity (not including movements in the general reserve and share capital) for the group for the year ended 30 June 2021.