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On 1 January 2021, P acquired 80% of the equity share capital of Sin a share exchange of one shares in P for two shares in S. At the date of acquisition shares in P had a market value of $4 cach and Shad $2 each. P will also pay in cash amount of $2,420 after two years. P has a cost of capital of 10% per annum. The issue of shares and cash consideration have not yet been recorded by P. Below are the summarised draft financial statements of both companies. Statements of financial position as at 30 June 2021: P S 34,600 12,000 46,600 12,600 6,600 19,200 Assets Non-current assets Property, plant and equipment Current assets Total assets Equity and liabilities Equity share of $0,5 cach Retained earnings Total equity Non-current liabilities: 10% loan notes Current liabilities Total equity and liabilities 10,000 25,400 35,400 4,000 7,500 11,500 1 5,000 6,200 46,600 3,000 4.700 19,200 The following information is relevant: (1) Assume, except where indicated otherwise, that all items of income and expenditure accrue evenly throughout the year. Searned a LOSS of $2,600 in the year ended 31 December 2021. No dividends were paid by S. (ii) After acquisition date, S transferred a property to P for $15,000. The asset had a remaining useful life of 3 years at the date of transfer. It had carrying amount of $13,920 in the books of S at the date of transfer. (iii) Qazaq has a policy of accounting for any non-controlling interest at fair value. The fair value of the non-controlling interest at the acquisition date was $5,900. (iv) Consolidated goodwill was impaired by $1,000 at 30 June 2021. (V) Included in P's receivables is $5,000 relating to inventory sold to S during the year. S raised a cheque for $3,500 and sent it to Pon 29 June 2021. P did not receive this cheque until 4 July 2021 Required: Prepare the consolidated statement of financial position for P as at 30 June 2021

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