Question Four GTA plc acquired 70% of the ordinary shares in Grand Tour plc a number of years ago. At the same time GTA plc also acquired 40% of the preference shares in Grand Tour plc. In the year under review GTA sold goods to Grand Tour for 28,000 which included a mark-up of 40% on cost. 25% of this inventory was still in the stock of Grand Tour plc at the end of the year. A review of the goodwill suggested an impairment charge of 20,000 was appropriate for the year. Non-controlling interests were, in the case of this acquisition, calculated using method 1 i.e. the proportionate share of the net assets method. Income statements for the year ended 31 December 2021 GTA Grand Tour 's 's Revenue 550,000 488,000 Cost of Sales 327,000 278,000 Gross Profit 223,000 210,000 Expenses 97,600 88,900 125,400 121,100 6,000 Dividends received - ordinary shares Dividends received - preference shares 2.000 Profit before Tax 133,400 121,100 Income tax expense 56,540 32,274 Profit for the period 76,860 88,826 Required: I (a) Prepare the consolidated statement of profit & loss for the GTA group at 31 December 2021. (18 marks) (b) Evaluate why there is a requirement to show profits attributable to the equity shareholders and profits attributable to non-controlling interests at the bottom of the statement of profit & loss