960 Tax On 1 January 2020 Popper plc acquired 80% of the share capital of Tog plc, when the retained earnings of Tog plc were 154,000. At acquisition, the fair value of the land held by Tog was 20,000 higher than the book value. The companies have prepared the following financial statements: Statement of Profit or Loss for the year ended 31 December 2020 Popper Tog '000 '000 Revenue 4,975 1,570 Cost of sales (1,890) (610) Gross Profit 3,085 Operating expenses (1.435) (466) Dividend received from Tog plc 160 Profit before tax 1,810 494 (34) (32) Profit for the year 1.776 462 Statement of Financial Position at 31 December 2020 Non-current assets 11,300 4,500 Investment in Tog 4,800 Current Assets: Inventory 3,350 840 Receivables 2,150 360 Cash 600 75 22 200 5,775 Equity and liabilities: 1 Ordinary shares 17.000 5,000 Share Premium 2,000 Retained earnings 2,142 406 21.142 5,406 Current liabilities 1,058 369 22,200 5,775 On 30 June 2020, Tog sold inventory to popper for 50,000. Popper immediately sold this on to a customer. The inventory had cost Tog 38,000. On 5 November 2020, Tog plc made a second sale of inventory to Popper plc, this time for 160,000. This inventory had a profit margin of 20% and half of it remained unsold by Popper plc at 31 December 2020. Popper had not paid for the second purchase at the year end. At 31 December 2020, the goodwill on acquisition of Tog plc was considered to have suffered an impairment loss of 20,000. b) Prepare a consolidated statement of profit or loss for the Popper Group for the year ended 31 December 2020, in accordance with international accounting standards