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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.

Required

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.