Sweden acquired 100% of the equity shares of Oslo on 1 March 20X1 and gained control. At that date the balances on the reser ves of Oslo were as follows:

The Revaluation reser ve – Kr10 million Retained ear nings – Kr70 million The balance sheets of the two companies at 31/12/20X1 were as follows:

Notes:
1. The fair values were the same as the book values on 1/3/20X1.
2. There have been no movements on share capital since 1/3/20X1.
3. 20% of the goodwill is to be written off as an impairment loss.
Required:
Prepare a consolidated balance sheet for Sweden as at 31 December 20X1.

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Sweden Oslo Krm Krm ASSETS Non-current assets Property, plant and equipment 264 120 20 Investment in Oslo 200 Current assets 160 140 Total assets 624 260 EQUITY AND LIABILITIES Kr10 shares 400 110 Retained earnings 104 80 Revaluation reserve 20 10 524 200 Current liabilities 100 60 Total equity and liabilities 624 260