Background info The following financial information of Beer Ltd and Wine Ltd has been extracted from their respective financial records for the year ended 31 March 2015: Beer Ltd Wine Ltd $1 531 000 Sales $780 000 648 000 324 000 456 000 883 000 12 000 17 000 716 000 358 000 196 000 78 400 98 000 39 200 58 800 117 600 590 000 290 000 50 000 20 000 Cost of goods sold Gross profit Dividend income Consulting fee income Expenses Profit before taxation Income tax expense Profit after taxation Retained profits - opening Dividends declared Balance Sheet items: Retained profits - closing Share capital Asset revaluation surplus Dividend payable Various non-current liabilities Total equity and liabilities Various current assets Accounts receivable Dividend receivable Inventory Investment in Beer Ltd Total assets 657 600 328 800 180 000 90 000 14 000 370 000 152 000 39 000 421 000 $1 639 600 1 237 200 102 000 8 400 207 200 $820 000 736 000 48 000 36 000 82 000 210 000 $1 639 600 $820 000 Background info continued: On 1 April 1999, Wine Ltd acquired 60% of the equity of Beer Ltd and paid a cash sum of $210 000 for the acquisition. The identifiable net assets were considered to be fairly valued at the date of acquisition. At the date of acquisition, the equity of Beer Ltd comprised the following: Share capital $180 000 Retained earnings 60 000 Asset revaluation surplus 80 000 Additional information: (1) During March 2015, Beer Ltd had made sales to Wine Ltd of $9 000. The inventory sold had cost Beer Ltd $6 500. Inventory of Wine Ltd, held & 31 March 2015, included this purchase from Beer Ltd. (ii) During March 2014, Wine Ltd had made sales to Beer Ltd amounting to $7 000. The inventory sold had cost Wine Ltd $5 000. Inventory of Beer Ltd, held & 31 March 2014, included the inventory purchased from Wine Ltd. (iii) During the year ended 31 March 2015, Beer Ltd had incurred and paid Wine Ltd $17 000 of consulting fees. (iv) Wine Ltd measures the non-controlling interest (NCT) at fair value. The goodwill, recognised on consolidation, was impaired by $1 000 in 2001, by $890 in 2007, and by $700 in the year ended 31 March 2015. Required: Prepare the Group Statement of Financial Position as at 31 March 2020. You are required to include your notional journal entries required by NZ IFRS 3 Business Combinations and NZ IFRS 10 Consolidated Financial Statements to consolidate the financial statements of Wine Ltd and Beer Ltd for the year ended 31 March 2015. Notes: Wine Ltd = Parent Beer Ltd = Subsidiary Must use the answer templates provided. Background info The following financial information of Beer Ltd and Wine Ltd has been extracted from their respective financial records for the year ended 31 March 2015: Beer Ltd Wine Ltd $1 531 000 Sales $780 000 648 000 324 000 456 000 883 000 12 000 17 000 716 000 358 000 196 000 78 400 98 000 39 200 58 800 117 600 590 000 290 000 50 000 20 000 Cost of goods sold Gross profit Dividend income Consulting fee income Expenses Profit before taxation Income tax expense Profit after taxation Retained profits - opening Dividends declared Balance Sheet items: Retained profits - closing Share capital Asset revaluation surplus Dividend payable Various non-current liabilities Total equity and liabilities Various current assets Accounts receivable Dividend receivable Inventory Investment in Beer Ltd Total assets 657 600 328 800 180 000 90 000 14 000 370 000 152 000 39 000 421 000 $1 639 600 1 237 200 102 000 8 400 207 200 $820 000 736 000 48 000 36 000 82 000 210 000 $1 639 600 $820 000 Background info continued: On 1 April 1999, Wine Ltd acquired 60% of the equity of Beer Ltd and paid a cash sum of $210 000 for the acquisition. The identifiable net assets were considered to be fairly valued at the date of acquisition. At the date of acquisition, the equity of Beer Ltd comprised the following: Share capital $180 000 Retained earnings 60 000 Asset revaluation surplus 80 000 Additional information: (1) During March 2015, Beer Ltd had made sales to Wine Ltd of $9 000. The inventory sold had cost Beer Ltd $6 500. Inventory of Wine Ltd, held & 31 March 2015, included this purchase from Beer Ltd. (ii) During March 2014, Wine Ltd had made sales to Beer Ltd amounting to $7 000. The inventory sold had cost Wine Ltd $5 000. Inventory of Beer Ltd, held & 31 March 2014, included the inventory purchased from Wine Ltd. (iii) During the year ended 31 March 2015, Beer Ltd had incurred and paid Wine Ltd $17 000 of consulting fees. (iv) Wine Ltd measures the non-controlling interest (NCT) at fair value. The goodwill, recognised on consolidation, was impaired by $1 000 in 2001, by $890 in 2007, and by $700 in the year ended 31 March 2015. Required: Prepare the Group Statement of Financial Position as at 31 March 2020. You are required to include your notional journal entries required by NZ IFRS 3 Business Combinations and NZ IFRS 10 Consolidated Financial Statements to consolidate the financial statements of Wine Ltd and Beer Ltd for the year ended 31 March 2015. Notes: Wine Ltd = Parent Beer Ltd = Subsidiary Must use the answer templates provided