Redcliff Ltd acquired the entire share capital of ABC Ltd for $18,000 cash on 31 December 20X4. The balance sheets of the two companies as at that date were as follows: Current assets Non-current assets: Investment in ABC at cost Other asset Total assets Current liabilities Net assets Paid-up capital Retained profits Owners' equity $ Redcliff Ltd 18,000 96,000 $ 240,000 114,000 354,000 198,000 156,000 120,000 36,000 156,000 ABC Ltd $ 28,800 9,600 38,400 20,400 18,000 12,000 6,000 18,000 Required: Prepare the consolidated balance sheet of Redcliff Ltd and its subsidiary as at 31 December 20X4.