3 (50 marks) The following trial balances were obtained from the financial records of Gold Ltd (Gold) and Silver Ltd (Silver) for the financial year ended 28 February 2023: Notes: 1. Acquisition of Silver On 1 March 2021, Gold acquired 60% of the ordinary share capital of Silver from a third party for R1 110 000 in cash and thereby obtained control over Silver. At acquisition date, Silvers equity comprised of ordinary share capital of R1 000 000 and retained earnings of R813 600. At acquisition date, all the assets and liabilities of Silver were considered to be fairly valued except for inventory with a carrying value of R50 000 for which the fair value was considered to be R70 000. Abridged Trial balances Gold Ltd (R) Silver Ltd (R) DR CR DR CR Ordinary Share capital (R1 each) 2 000 000 1 000 000 Retained earnings: 1 March 2022 597 800 1 055 000 Trade and other payables 365 000 234 000 Land (Note 3) 300 000 - Buildings (at carrying value) 3 600 000 1 750 000 Equipment (at carrying value) (Note 4) 560 000 480 000 Trade and other receivables 652 000 345 000 Inventory (Note 2) 452 000 232 000 Investment in Silver Ltd (at cost) (Note 1) 1 110 000 - Deferred tax (liability) 179 200 98 000 Summary of Profit and Loss Accounts: Profit after tax 3 532 000 420 000 6 674 000 6 674 000 2 807 000 2 807 000 9 HFAC331-1-July-Dec2023-SA1-SK-V5-20102023 2. Acquisition Inventory Silver sold all of its acquisition inventory to a third party for R100 000 by the end of the financial year ended 28 February 2022. 3. Disposal of Land On 1 August 2022, Silver sold land that it had purchased for R150 000 to Gold for R240 000. 4. Disposal of Equipment On 1 December 2022, Silver purchased a new item of equipment for R350 000 and immediately sold it to Gold for a profit of R310 000 in the records of Silver. The equipment is depreciated over a useful life of 5 years on a straight-line basis and has a zero residual value. Additional information All the entities in the Gold Ltd Group have a 28 February financial year end. Both Gold and Silver depreciate their depreciable assets on a straight-line basis. Gold accounts for investments in subsidiaries at cost in accordance with IAS 27.10(a) in its separate financial statements. Gold elected to measure the non-controlling interest at its proportionate share of identifiable net assets at acquisition date. For all financial years, the company tax rate is 28% and the CGT inclusion rate is 80% thereof. Ignore the effects of Dividend Tax and Value Added Tax (VAT). REQUIRED: Prepare the Consolidated Statement of Financial Position of Gold Ltd Group as at 28 February 2023. Include all totals and sub-totals. Show and reference all your workings and calculations clearly. Comparative figures and notes to the financial statements are not required. (50 marks