b) M Ltd. offered to acquire 75% of the issued share capital of N ltd. on 1 April 2020. The offer became final on 1 July 2020. M Ltd. had acquired 25% of O Ltd. many years ago and is to be accounted for as an associate using the equity method. N ltd acquired 60% of P Ltd on 1" September 2018. The income statements of the four companies for the year ended 31 December 2020 were as follows: M Ltd. N Ltd. O Ltd. P Ltd. Sh. .000 Sh. 000 Sh. 000 Sh. 000 Turnover 3,237,840 68 7,760 136,800 102,600 Cost of sales 2,238,624 489,312 92.160 69,120 Gross profit 999,216 198,448 44,640 33,480 Expenses 248,736 54.368 10.240 7.680 Operating profit 750,480 144,080 34,400 25,800 Dividend income 1,440 Interest income 4.800 2.000 Profit before tax 756,720 146,080 34,400 25,800 Taxation 269.600 61.000 15,600 11.700 Profit after taxation 487,120 85,080 18,800 14,100 Dividends Ordinary Interim (22,000) (960) (480) (270) Final (2,000) (480) (240) (270) Preference (480) - Retained profit for the year 462,640 83,640 18,080 13,560 Additional information: 1. M ltd paid Ksh 340 million to acquire N ltd when the fair value of the identifiable net assets was Ksh 400 million. The goodwill should be impaired by 50%. 2.P ltd purchased goods from M ltd at for Ksh 36 million, M ltd normal gross profit margin is 30% 3.N Ltd. had sold goods to M Ltd. in the post-acquisition period, for Sh. 21,860,000 at a normal gross profit mark-up of 25% 50% of the goods were held by M Itd as at 31" Dec 2020 Required: a) Computation of minority share of the profit after tax b) Consolidated statement of profit or loss (5 marks) (12 marks)