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* The statements of profit or loss for the year ended 31^stMarch 2021 of the three companies ina group are as follows:

	J Ltd	L Ltd	S Ltd
Revenue	510,000	378,000	286,000
Cost of Sales	(245,000)	(171,000)	(132,000)
Gross Profit	265,000	207,000	154,000
Administrative and Distribution costs	(121,000)	(115,000)	(78,000)
Investment Income	23,000	18,000	0
Profit before tax	167,000	110,000	76,000
Tax expense	(37,000)	(30,000)	(10,000)
Profit for the period	130,000	80,000	66,000
Changes in retained earnings:
Retained earnings brought forward	178,000	85,000	50,000
Profit for the period	130,000	80,000	66,000
Dividends paid (all paid in March 2021)	(45,000)	(25,000)	(22,000)
Retained earnings carried forward	263,000	140,000	94,000

Notes:

1. J Ltd bought 90,000 shares in L Ltd on 1^stJuly 2016. J paid 110,000. The total share capital of L Ltd is 100,000 1 shares. At the 1^stJuly 2016 the retained earnings of L Ltd were 20,000
2. On 30^thSeptember 2020 L Ltd purchased 60,000 shares in S Ltd. S Ltd has total share capital of 80,000 1 shares. L Ltd paid 190,000 to purchase the shares
3. The fair values of the effective non-controlling interests in L Ltd and S Ltd at the dates of acquisition were 20,000 and 95,000 respectively
4. It is the group policy to record goodwill and non-controlling interest in full.
5. Goodwill in the consolidated Statement of Financial Position in respect of the acquisition of L Ltd was carried at 8,000 at the start of the year and at 5,000 at the end of the year
6. Goodwill in the consolidated Statement of Financial Position in respect of the acquisition of S Ltd was carried at 100 ,000 at the end of the year.
7. During the year J Ltd sold inventory costing 60,000 to L Ltd for 90,000. Half of this was still unsold by L Ltd as at the year end.

Required:

Prepare the consolidated statement of profit or lossfor the year ended 31^stMarch 2021 and an extract of the group statement of changes in equity that reconciles the opening and closing balances of retained earnings.

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