Illustration 5. Preand Post-Acquisition Profits The statement of financial position of Peter Itd. and Paul ltd as at 31dec 2015 were as follows: Non Current Assets Investment at cost Current assets: Share capital Ordinary shares of $1.00 per share Accumulated reserves Current liability Peter ltd $ Silas ltd $ 40,000 32,000 76,000 60,000 48,000 176,000 80,000 120,000 40,000 32,000 16,000 152,000 56,000 24,000 24,000 176,000 80,000 The entire share capital of Paul Itd was acquired when the accumulated reserves was $12million. You are required to show the consolidated reserve of the group at 31 Dec.2015