Which of the following investments would be treated as an associate in the consolidated financial statements of Norwich Co? Norwich Co owns 40% of the preference shares (non-voting) and 15% of the ordinary shares of Lowestoft Co. Norwich Co owns 15% of the ordinary shares of Ipswich Co Norwich Co owns 65% of the ordinary shares of Beccles Co Norwich Co owns 60% of the preference shares (non-voting) and 40% of the ordinary shares of Southwold Co