Question 1 a) On 31 December 2018 Pee Plc purchased 80% of the share capital of Cee Ltd for 60,000 when its accumulated profits were 30,000. The Individual Statement of Financial Positions of Pee Plc and Cee Ltd at 31 December 2020 were as follows: Plc Cee Ltd Non-current assets: Property, plant and equipment Cost of investment 160,000 60.000 220,000 50,000 00000 50,000 Current assets 30.000 10,000 Total assets 250,000 60,000 Equity and liabilities Ordinary shares of 1 each Retained profits 100,000 150,000 250,000 20,000 40,000 60,000 Consolidated goodwill is subject to an annual impairment review. No impairment has been detected to date Required: Prepared the consolidated statement of financial position for the Pee group at 31 December 2020. Pee pic has a policy of valuing Non-Controlling interest at their share of net assets at acquisition (30 marks) b). The qualitative characteristics of relevance, reliability and comparability identified in the IASB's Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements. Required: Explain what is meant by relevance, reliability and comparability and how they make financial information useful (20 marks)