b) Statements of Financial Position of Pand S as at 30 June 2018 are given below: Non-current assets: Land Plant & equipment Investments Current assets: Inventory Receivables Bank 11 P(S) S($) 4500 2500 2400 1750 8000 14900 4250 3200 900 1400 650 600 150 5200 1700 20100 5950 Ordinary share capital 50c 5000 1000 Retained earnings 8300 3150 13300 4150 Non-current liabilities 8% loan stock 4000 500 Current liabilities 2800 1300 20100 5950 (i) P acquired 80% of S on 1 July 2015 when the balance on S's retained earnings was $1,150. P paid $3,500 for its investment in the share capital of S. At the same time, P invested in 60% of S's 8% loan stock. (ii) At the reporting date P recorded a payable to S of $400. This did not agree to the corresponding amount in S's financial statements of $500. The difference is explained as cash in transit. (iii) At the date of acquisition it was determined that S's land, carried at cost of $2,500 had a fair value of $3,750. S's plant was determined to have a fair value of $500 in excess of its carrying value and had a remaining life of 5 years at this time. These values had not been recorded by S. (iv) The P group uses the fair value method to value the non-controlling interest. For this purpose the subsidiary share price at the date of acquisition should be used. The subsidiary share price at acquisition was $2.20 per share. (v) Goodwill has impaired by $100. Required: Prepare the consolidated statement of financial position of the P group as at 30 June 2018. Page 1 o