Hobby Ltd has two group companies, Leisure Ltd and Craft Ltd. The income statements for Hobby Ltd, Leisure Ltd and Craft Ltd for the year ended 31 December 2021 are given as follows: Income statements for the year ending 31 December 2021 Hobby Ltd Leisure Ltd Craft Ltd Sales 60,750,000 34,425,000 24,300,000 Cost of sales (23,895,000) (11,947,500) (6,480,000) Gross profit 36,855,000 22,477,500 17,820,000 Investment income 1,882,500 - - Management fee income 5,872,500 - - AdministrativeDuring the year Leisure Ltd sold goods costing 40,500 to Hobby Ltd for 283,500. 15% of this inventory is included in Hobby Ltds inventory at the year end. During the year Craft Ltd sold goods costing 121,500 to Hobby Ltd for 162,000. 50% of this inventory is still in Hobby Ltds inventory at the year end. Goodwill is capitalised. Impairment of 30% of the value of the goodwill of Leisure Ltd was recognised in 2019 and impairment of 50% of the value of the goodwill in Craft Ltd is recognised in 2021. At the year-end Hobby Ltd charges both Leisure Ltd and Craft Ltd a management fee of 10% of turnover. The companies have accounted for the management fee correctly. The management fee income in Hobby Ltd represents management fee income from Leisure Ltd and Craft Ltd. Leisure Ltd and Craft Ltd have accounted for management fee expenses under administrative expenses. The investment income in Hobby Ltd comprises of dividend income from both group and non-group companies. The retained earnings brought forward as at 1 January 2021 and dividend expense for the year ended 31 December 2021 for Hobby Ltd, Leisure Ltd and Craft Ltd were as follows: Hobby Ltd Leisure Ltd Craft Ltd Retained earnings brought forward 52,580,000 18,050,000 16,701,500 Dividend expense 1,215,000 337,500 150,000 Required: Prepare the consolidated income statement for Hobby Ltd for the year ended 31 December 2021, showing retained earnings brought forward, dividend expense and retained earnings carried forward either on the face of the income statement or in the consolidated retained earnings section of the statement of changes in equity.