On January 1, 2020, Lennon Enterprises acquires 100% of Ono Ltd. for £220,000 in cash. The condensed statements of financial position of the two companies immediately following the acquisition are as follows.

Instructions
Prepare a worksheet for a consolidated statement of financial position.

Transcribed Image Text:

Lennon Enterprises Ono Ltd. Plant and equipment (net) Investment in Ono Ltd. ordinary shares £300,000 £220,000 220,000 Current assets 60,000 50,000 £270,000 £580,000 Share capital-ordinary Retained earnings £ 80,000 £230,000 170,000 140,000 Current liabilities 180,000 50,000 £580,000 £270,000