Draw up a consolidated balance sheet as at 31 December 2007 from the following:

At the balance sheet date, Sonny owes Pop and Mom £1,600.
During the year Pop and Mom sold goods which had cost £3,000 to Sonny for £4,800. Threequarters of these goods had been sold by Sonny by the balance sheet date.
The amount paid for the investment in Sonny was £55,000. The fair value of the net assets of Sonny at that time was £126,000 and the £22,000 of negative goodwill was recognised immediately in Pop and Mom’s profit or loss.

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Pop and Mom Balance Sheet as at 31 December 2007 Non-current assets Investment in subsidiary: 55,000 shares bought 31.12.2006 Other non-current assets Inventory Accounts receivable Bank Current liabilities: Accounts payable Share capital Retained profits: As at 31.12.2006 Less Loss for 2007 77,000 124,000 201,000 22,000 29,000 8,000 59,000 260,000 (6,000) 254,000 175,000 106,000 (27,000) 79,000 254,000