Homework for chapter 1 Below are the statements of financial position of three entities as at 31 December 20*1. Tom James Emily $000 $000 $000 Non-current assets Property, plant & equipment 959 980 840 Investment: 630,000 shares in James 805 168,000 shares in Emily 224 1,988 980 840 Current assets Inventory 380 640 190 Receivables 190 310 100 Cash and cash equivalents 35 58 46 TOTAL ASSETS 1,988 1,176 Equity Share capital ($1 shares) $ 1,120 840 560 Retained earnings 1,232 602 448 2,352 1,442 1,008 Current liabilities Trade payables 150 480 136 Taxation 91 66 32 TOTAL EQUITY & LIABILITIES 2,593 1,988 1,176 2,593 Additional information: (1) Tom acquired its shares in James on 1 January 20*1 when James had retained earnings of $160,000. NCI are to be valued at their fair value at the date of acquisition. The fair value of the NCI holding in James at 1 January 20*1 was $250,000. (2) Tom acquired its shares in Emily on 1 January 20*1 when Emily had retained earnings of $140,000 (3) An impairment test at the year end shows that the goodwill for James remains unimpaired but the investment in Emily is impaired by $2,000. Required: Prepare the consolidated statement of financial position for the year ended 31 December 20*1