On $1$ January $2019,$ Precious Ltd purchased $75\%$of the shares in Sam Ltd for R$175781.$ At that stage, Sam Ltd$.$s equity consisted of the following:

$$ Share capital R$195313$

$$ Retained earnings R$39065$

The abridged statements of profit or loss and other comprehensive income of the two entities for the reporting period ended $31$ December $2023$ are as follows: $\backslash$table$[[$Statement of comprehensive income state,,,,,$],[$For the Period ended $31$ December $2023,...........,,...........,,..........],[,,$Precious Ltd$,,$Sam Ltd$,],[$Revenue$,,781250,,498047,],[$Cost of sales,,$(468750),,(298828),],[$Gross Profit,,$312500,,199219,],[$Depreciation$,,(39063),,(15625),],[$Other expenses,,$(165039),,(102344),],[$Profit before tax,,$55500,,41600,],[$Income tax expense,,$(30273),,(22656),],[$Profit for the year,,$25227,,18944,],[$Other comprehensive income for the year,,,,,$],[$Total comprehensive income for the year,,$25227,,18944,]]$ An extract from the abridged statements of changes in equity of the two entities for the reporting period $31$ December $2023$ is as follows::

$\backslash$table$[[,,$Precious Ltd$,$Sam Ltd$,,],[$Balance as of $1$ January $2023,113281,,97656,,],[$PROFIT OF THE YEAR,,$78125,,58594,],[$Ordinary dividend,,$15625),,,],[$Balance as of $31$ December $2023,,,,,],[,,,,,]]$

$\backslash$table$[[,,,,,],[$Inventories at cost$,,78125,,23438,]]$

Additional information

$1$ Included in Sam Ltd$.$s plant is a machine sold on $1$ January $2020$ by Precious Ltd to Sam Ltd$.$ Precious Ltd realised a gain of R$39065$ on this transaction and the machine was classified as equipment in Precious Ltd$.$s records. Plant and equipment are depreciated at $10\%$ per year on a straight$-$line basis.

$2$ Since May $2019,$ Precious Ltd has purchased all its inventories from Sam Ltd at the normal selling prices, determined by Sam Ltd at cost price plus $25\%.$ Total sales from Sam Ltd to Precious Ltd for the reporting period ended $31$ December $2023$ amounted to R$320313.$

$3$ On $31$ December $2022,$ the inventories on hand of Precious Ltd were R$58594($valued at cost price for Precious Ltd$).$

$4$ Precious Ltd recognised the equity investment in Sam Ltd in its separate financial records using the cost price method.

$5$ Precious Ltd elected to measure the non$-$controlling interests in an acquiree at their proportionate share of the acquiree$$s identifiable net assets at the acquisition date.

$6$ Ignore the tax implications.

Tasks:

Prepare the abridged consolidated statement of profit or loss and other comprehensive income and consolidated statement of changes in equity of the Precious Ltd Group for the reporting period ended $31$ December $2023.40$ marks