Additional information:

1. Piper acquired 30% of the ordinary shares belonging to Flute on 1 January 2020 with consideration of RM2.3 million. The investment in Flute was impaired by RM10,000 on 31 December 2020.
2. Sales of Flute include sale of inventories to Piper at invoice price of RM200,000 at cost plus 25%. 20% of these inventories were sold by year end.
3. On 1 January 2020, machine belonging to Flute was RM20,000 less than the carrying value. Useful life on this date is 5 years.

Required:

1. Prepare the group statement of financial position as at 31 December 2020. (12 marks)
2. Prepare the group statement of comprehensive income for year ended 31 December 2020. (3 marks)

Statements of Financial Position as at 31 December 2020 Statements of Financial Position as at 31 December 2020