3. The parent company owns 75% of the ordinary shares of the subsidiary company. The income statements of the two companies for the year ended on 31st December as follows: Parent Sub m m Revenues 83 47 Cost of Sales (36) (19) Gross Profit 47 28 Administration expenses (14) (7) Distribution expenses (21) (10) Operating profit 12 11 Interest payable 0 0 Profit before taxation 12 11 Taxation (4) (3) Profit for the year 8 8 Required: Prepare the consolidated (group) income statement for the parent company and its subsidiary for the year ended 31st December