Chonglee Co acquired 80% of the ordinary share SINO Conon 1 April 20x5 On 31 December 20x4 SINO Co's accounts showed a share premium account of K 4000 and retained earnings of K 15 000. The statement of financial position of the two companies at 31 December n20x5 are set out below. Statement of financial position as at 31 December 20x5 Chonglee Co & SINO CO K K Assets Non-current assets 32 000 30 000 Property, plant and equipment 50 000 16 000 ordinary shares of 50c each in SINO CO 82 000 85 000 43 000 Current assets Total assets 167 000 73 000 Equity and liabilities Equity Ordinary shares of Kl each 100 000 Ordinary shares of 50c each 10 00 7 000 Share premium account 4 000 40 000 39 000 Retained earnings 147 000 53 000 20 000 20 000 Current liabilities 167 000 73 000 Total equity and liabilities Additional information (i) Neither company has paid any dividends during the year. Non-controlling interest should be valued at full fair value. The market price of the subsidiary's shares was K2.50 prior to acquisition the parent. (ii) Required Prepare the consolidated statement of financial position of Choinglee Co as at 31 December 20x 5. (25 marks)