Information concerning two entities is presented below:

Statement of Profit or Loss and Other Comprehensive Income for Year Ended 2021 December 31

Details Elf Lamb $000 $000 Revenue 5 000 4 200 Cost of Sales (4 100) (3 500) Gross Profit 900 700 Distribution and Administrative Expenses (320) (180) Profit before Tax 580 520 Income Tax Expense (190) (160) Profit for the year 390 360 Other Comprehensive Income: Gain on Revaluation of Property 60 40 Total Comprehensive Income for the year 450 400 Additional information: i. Elf acquired an 80% investment in Lamb on 2021 April 01. It is the groups policy to measure non-controlling interest at fair value at acquisition. Goodwill of $100 000 arose on acquisition. Fair value of net assets was deemed to be the same as the carrying amount of net assets at acquisition. ii. An impairment review was conducted on 2021 December 31 and it was decided that goodwill on the acquisition of Lamb was impaired by 10%. iii. On 2021 October 31, Lamb sold goods to Elf for $300 000. Two-thirds of these goods remained in Elfs inventories at year end. Lamb charges a markup of 25% on cost. iv. Assume that profits and other comprehensive income of Lamb accrue evenly over the year. Required: A. A Consolidated Profit or Loss and Other Comprehensive Income for the Elf group for year ended 2021 December 31. (15 marks) B. Describe the method used in preparing the consolidated financial statement where there is an investment in an associate. (5 ma