Leo Bhd started business many years ago. Over the years, the company has successfully acquired several smaller companies. The statement of profit or loss of Leo Bhd and its subsidiaries are presented below:

Leo Tiger Cat

$'000 $'000 $'000

Revenue 125,000 54,000 46,000

Cost of Sales (36,000) (15,000) (20,000)

Gross Profit 89,000 39,000 26,000

Gain on disposal of assets 1,200 - 500

Administrative expenses (25,000) (18,000) (15,500)

Distribution costs (10,000) (8,000) (2,000)

Finance costs (2,700) (3,000) (2,000)

Profit before

Tax 52,500 10,000 7,000

Income tax expenses (13,100) (2,500) (1,800)

Profit for the year 39,400 7,500 5,200

Retained Profit as at 1.1.2020 62,700 25,800 5,200

Additional Info:

1. On 1 January 2019, Leo Bhd acquired 75% of Tiger Bhd's 25 million $1 ordinary shares for $35 million when Tiger Bhd's retained earnings was $18 million.

2. On 1 January 2020, Leo Bhd acquired 80% of Cat Bhd's 10 million $1 ordinary shares for $13 million.

3. Leo Bhd entered into a joint venture business with Lion Bhd where Leo Bhd has 50% share. As at 31 December 2020, the business incurred a loss of $1.6 million.

4. Leo Bhd disposed 3.75 million of its shares in Tiger Bhd $7 million on 31 December 2020. There was no change in the ordinary shares issued by Tiger Bhd since 1 January 2019.

5. Revaluation of Tiger Bhd's assets on the acquisition date revealed that a land has increased in value by $1.7 million compared to its carrying value. Tiger Bhd has not adjusted its book to account for the increase.

6. Cat Bhd disposed equipment to Tiger Bhd on 1 February 2020 at a gain of $0.4 million. The equipment was depreciated at 20 per annum using the reducing balance method.

7. During the financial year, Leo Bhd sold inventories to cat Bhd as follows: Date of sale selling price Note 20.03.2020 3,000,000 Cat Bhd has sold the entire goods to a third party 15.07.2020 4,000,000 Cat Bhd kept 20% of the inventory purchased 10.11.2020 2,000,000 Cat Bhd managed to sell 50% of the inventory It is the group's policy to earn profit margin of 10% on intercompany sale of inventories.

8. Tests conducted on 31 December 2020 showed that an impairment of $300,000 was required for goodwill on acquisition of Tiger Bhd.

9. Leo Bhd valued the non-controlling interest in its subsidiaries using the partial goodwill method.

Required:- Prepare the

(i) Consolidated Statement of Profit or Loss and Other Comprehensive Income and

(ii) Consolidated Statement of Changes in Equity of Leo Bhd for the year ending 31 December 2020