Bow plc acquired 75% of the shares in Tie ple on 1 January 20X1 for 80,000 when the balance of the retained earnings of Tie was 40,000. There was no goodwill. On 10 January 20X1 Bow received a dividend of 3,000 from Tie out of the profits for the year ended 31/12/20X0. There were no inter-company transactions, other than the dividend. The summarised state- ments of comprehensive income for the year ended 31/12/20X1 were as follows: Gross profit Expenses Profit from operations Dividends received from Tie (see note) Profit before tax Income tax expense Profit for the period Bow 130,000 50,000 80,000 3,000 83,000 24,000 59,000 Tie 70,000 40,000 30,000 30,000 6,000 24,000 Consolidated 200,000 90,000 110,000 110,000 30,000 80,000 Whether the summarized statement of comprehensive income drawn above is correct? If yes why; If no what correction is required? (6 marks)