Michael Ltd acquires all of the issued capital of Petersen Ltd for a cash payment of $600 000 on 30 June 2023. The statements of financial position of both entities immediately following the purchase are:

Additional information

• All assets of Petersen appearing in the 30 June 2023 statement of financial position are fairly valued.

• At 30 June 2023 Petersen had two internally developed identifiable intangible assets with the following fair

REQUIRED

Provide the consolidated statement of financial position for Michael Ltd and Petersen Ltd as at 30 June 2023.

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Current assets Cash Accounts receivable Non-current assets Plant Land 700 200 Investment in Petersen Ltd 600 1 660 Current liabilities Accounts payable Non-current liabilities Loans Michael Ltd Petersen Ltd ($000) ($000) Shareholders' equity Share capital Retained earnings 10 150 60 400 1 000 200 1 660 5 55 500 100 660 30 150 200 280 660