The income statements for Papa and Jones for the year ended 31 August 20X4 are shown below. Papa acquired 75% of the ordinary share capital of Jones several years ago. Papa Jones Sales revenue 2,400,000 800,000 Cost of sales and expenses (2,160,000) (720,000) Trading profit 240,000 80,000 Dividend received from Jones 15,000 Profit before tax 241,500 80,000 Tax (115,000) (38,000) Profit for the year 126,500 42,000 Retained Earnings brought forward 200,000 81,000 Dividend paid 50,000 20,000 Retained earnings carried forward 276,500 103,000 Prepare the consolidated income statement and statement of changes of equity for the year

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