Example ABC Co. acquired 100% of the share capital of XYZ Corp. on 1 January 20x2 for P38,000, at which date the retained earnings of S amounted to P18,000. At 31 December 20x5 the companies' Statements of Financial Position were as follows: ABC XYZ Current assets 28,000 24,000 Non-current assets 65,000 35,000 Investment in XYZ, at cost TOTAL ASSETS 38.000 13,000 70,000 48,000 Current liabilities Share capital - P1 shares Retained earnings NCI TOTAL LIABILITIES AND EQUITY 14,000 30,000 25,000 Requirement: 1. Prepare Consolidated Financial Position as of December 20x5 for ABC Group