1. On January 1, 2017, Paul Limited acquired 60,000 of the 100,000 ordinary shares issued by Dennis Limited. Dennis Limited has not issued any ordinary shares since January 1, 2017. 2. On January 1, 2017, Dennis Limited's retained earnings were $40,000 and general reserves were $200,000. At that date, the fair value of Dennis Limited's property, plant, and equipment was $100,000 greater than their carrying value. If Dennis Limited had incorporated the revaluations at January 1,2017 , an additional amount of $20,000 would have been charged for depreciation each year. 3. An assessment of Goodwill on December 31,2019 , revealed an impairment of $50,000. 4. The annual principal payment on the loan is $250,000. The principal payment for 2018 and 2019 were not paid until January 3,2020. 5. The weighted average number of ordinary shares in issue during 2019 for Paul Limited is 5,000,000. Income Statement for the year ended December 31, 2019. Ralanne Shept as at neremher 31 on19 Required: 1. Prepare the Consolidated Income Statement for the year ended December 31, 2019. 2. Prepare the Consolidated Statement of Changes in Equity for the year ended December 31, 2019