Case 2: Intra-group trading for consolidated P-L statement Sky Co. acquired 80% of the ordinary shares of Wind Co. on that company's incorporation in 2016. The summarized statements of profit or loss and movement on retained profits of the two companies for the year ending 31 December 2019 are set out below (in $). K Sales revenue Cost of goods sold Gross profit Admin expenses Profit before tax Income tax expense Profit for the year Sky(A) 85,000 (35,000) 50,000 (15,000) 35,000 (11,000) 24,000 Wind(B) 40,000 (22,000) 18,000 (9,000) 9,000- (1,000) 8,0004 Note: movement on retained profits Retained profits brought forward Profit for the year Retained profits carried forward 98,000 24,000 122,000 25,000- 8,000 33,0004 Wind had recorded sales of $6,000 to Sky during 2019. Wind had purchased these goods from outside suppliers at a cost of $4,000. One half of the goods remained in Sky's inventory at 31 December 2019.4 Required Prepare the consolidated statement of profit or loss