Silver plc acquired 75% of the issued share capital of Gold Ltd on 1 January 2019.

Summarised statements of profit or loss for the year ended 31 December 2019 are shown

below:

	Silver plc	Gold Ltd
	000	000
Continuing operations
Revenue	89,000	19,900
Cost of sales	(56,400)	(8,754)
Gross profit	32,600	11,146
Other income dividend from Brown Ltd	4,950
Operating expenses	(14,342)	(6,735)
Profit from operations	23,208	4,411

Additional information

During the year Silver sold goods which had a cost of 350, 000 to Gold Ltd for 795, 000. None of these goods remain in inventory at the end of the year.

Goodwill of 350, 000 arose at the acquisition. The directors of Silver plc concluded that the goodwill had been impaired by 20% during the year.

(a) Draft the consolidated statement of profit or loss for Silver plc and its subsidiary up to and including the profit from operations line for the year ended 31 December 2019. (15 marks)