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Tiara Co
Given Below are the statements of profit or loss and other comprehensive income of Tiara Co, its subsidiary Donut Co and associate Feeble Co at 31 December 2020. Tiara Co, Donut Co and Feeble Co are public limited companies. 
  Tiara  Co Donut Co Feeble Co
  $m $m $m
Revenue               500             150             70
Cost of sales              (270)              (80)            (30)
Gross profit               230               70             40
Other expenses              (150)              (20)            (15)
Finance income                 15               10              -  
Finance costs                (20)               -              (10)
Profit before tax                 75               60             15
Income tax expense                (25)              (15)              (5)
PROFIT FOR THE YEAR                 50               45             10
Other comprehensive income:      
Gains on property revaluation, net of tax                 20               10               5
TOTAL COMPREHENSIVE INCOME FOR THE YEAR                 70               55             15

You are also given the following additional information:

1. Tiara Co acquired 80million shares in Donut Co for $188million three years ago when Donut Co had a credit balance on its reserves of $40million. Donut Co has 100million $1 ordinary shares.
2. Tiara Co acquired 40million shares in Feeble Co for $60million two years ago when that company had a credit balance on its reserves of $20million. Feeble Co has 100million $1 ordinary shares.
3. During the year Donut Co sold some goods to Tiara Co for $66million (cost $48million). None of the goods had been sold by the year end.
4. Group policy is to measure non-controlling interests at acquisition at fair value. The fair value of the non-controlling interests in Donut Co at acquisition was $40million. An impairment test carried out at the year end resulted in $15million of the recognised goodwill relating to Donut Co being written off and recognition of impairment losses of $2.4million relating to the investment in Feeble Co.


Prepare the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2020 for Tiara Co, incorporating its associate.    

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