Paneer owns 30% of Lassi and has done so for many years. During the year ended 31 December 20X1, Lassi made a net profit of £1.5m. Lassi sold inventory costing £1m to Paneer at a mark-up of 50%. 40%...

Extracted text: Paneer owns 30% of Lassi and has done so for many years. During the year ended 31 December 20X1, Lassi made a net profit of £1.5m. Lassi sold inventory costing £1m to Paneer at a mark-up of 50%. 40% of the goods are still in Paneer's inventory at the year end. What is the "Income from associates" to be shown in the consolidated Statement of profit or loss for the year ended 31 December 20X1? a. £1,300,000 b. £450,000 C. £360,000 d. £390,000 O e. £150,000 O f. £300,000 g. £250,000