On 1 April 2020 Albion plc ("Albion") acquired 80% of Wanderer pic's ("Wanderer") ordinary shares. The terms of the acquisition were: - a share exchange whereby Albion issued 2 ordinary shares in exchange for every 3 ordin shares of Wanderer, and - a cash payment of 1.54 per acquired share deferred until 1 April 2021. Albion has not recorded any of the consideration for Wanderer in its financial statements for the yea ended 31 March 2021. At 1 April 2020 the fair value of Albion's and Wanderer's ordinary shares wa 3.25 and 1.75 respectively. Albion's cost of capital is 12% per annum. The summarised statements of financial position of the two companies at 31 March 2021 are as set out below: Assets Non-current assets Property, plant and equipment Intangible assets Current assets Inventory Trade receivables Bank Total assets Equity and liabilities Albion 000 221,000 56,000 277,000 149,000 94,000 28,000 271,000 548,000 Wanderer 000 165,000 165,000 114,000 65,000 6,000 185,000 350,000 Equity and liabilities Share capital (ordinary shares of 1 per share) Share premium account Retained earnings Non-current liabilities Deferred tax Current liabilities Trade payables Total equity and liabilities 148,800 36,000 252,200 437,000 40,000 71,000 548,000 96,000 180,000 276,000 14,000 60,000 350,000