Ella Ltd purchased 30% of the shares of Monica Ltd on 1 January 2019. This purchase resulted in Ella Ltd having significant influence over Monica Ltd.

Additional information for the year ended 31 December 2020:

For the year ended 31 December 2020, Monica Ltd reported profit of $100,000 and revalued its assets upwards by $40,000.

Monica Ltd's total dividends paid out to all shareholders during 2020 amounted to $20,000. This was paid from profits made in 2020.

Billy Ltd is 50% owned by Ella Ltd and is Ella's subsidiary.

During 2020, Monica sold $15,000 of inventory to Billy Ltd and made profit of $6,000. As at 31 December 2020, all of this inventory was still held by Billy Ltd