Pepper plc bought 48 million shares in Salt plc on 1 January 2020. At that time, Salt's share capital was the same as it is now and the retained eamings stood at 90 million. The statements of financial position and income statements for each company for 2020 are set out below. Statements of financial position as at 31 December 2020 Pepper plc m Salt plc m ASSETS Non-current assets (at cost less depreciation) Land and buildings Machinery and equipment Motor vans Investment in 48 million shares of Salt plc 240 99 42 60 33 45 186 570 135 Current assets Inventories Trade receivables Cash 60 51 51 162 27 18 15 60 195 Total assets 732 EQUITY AND LIABILITIES Equity Called up share capital ordinary shares of 1 each, fully paid Retained earnings 300 60 231 531 120 180 150 Non-current liabilities Loan notes Current liabilities Trade payables Total equity and liabilities 51 732 15 195 Income statements for the year ended 31 December 2020 Pepper plc m 273 (138) 135 (30) (21) 84 (8) Salt plc m 159 (72) 87 (21) (12) Sales revenue Cost of sales Gross profit Administration expenses Distribution expenses Operating profit Interest Net profit before taxation Taxation Profit for the year 54 76 (27) 49 64 (24) 30 No dividends were paid by either company At the time of the acquisition, the fair value of the assets of Salt plc was the same as their statement of financial position values, except for land and buildings that have a fair value of 72 million. Goodwill arising on consolidation has been judged not to have been impaired in value. Pepper uses the proportionate method Required: (a) Prepare the group statement of financial position as at 31 December 2020. If necessary, round up intermediate and final results to nearest [11 points) (b) Prepare the group income statement for the year ended 31 December 2020. If necessary, round up intermediate and final results to nearest [9 points]