On 1 January 2015, Paul acquired 75% of Saul's equity shares by means of an immediate share exchange of two shares in Paul for five shares in Saul. The fair value of Paul and Saul's shares on 1 January 2015 were $4.00 and $3.00, respectively. In addition to the share exchange, Paul will make a cash payment of $1.32 per acquired share, deferred until 1 January 2016. Paul has not recorded any of the consideration for Saul in its financial statements. Paul's cost of capital is 10% per annum. The summarized statement of financial position of the two companies as at 30 June 2015 are:

Paul

Saul

Assets

Non-current assets

Property, plant and equipment

55,000

28,600

Financial asset equity investment

11,500

6,000

Current assets

Inventory

17,000

15,400

Trade receivables

14,300

10,500

Bank

2,200

1,600

33,500

27,500

Total assets

100,000

62,100

Equity and liabilities

Equity and liabilities

Equity

Equity shares of $1 each

20,000

20,000

Other component of equity

4,000

Nil

Retained earnings- at july 2014

26,200

14,000

For the year ended 30 June 2015

24,000

10,000

74,200

44,000

Current liabilities

25,800

18,100

Total equity and liabilities

100,000

62,100

The following additional Information is relevant:

1. Saul's business is seasonal and 60% of its annual profit is made in the period 1 January to 30 June each year.
2. (ii) At the date of acquisition, the fair value of Saul's net assets was equal to their carrying amounts with the following exception:

An item of plant had a fair value of $2 million below its carrying value. At the date of acquisition, it had a remaining life of two years.

The fair value of Saul's investment was $7 million

Saul owned the rights to a popular mobile (cell) phone game. At the date of acquisition, a specialist valuer estimated that the rights worth $12 million and had an estimated remaining life of 5 years.

1. Following an impairment review, consolidated goodwill is to be written down by $3 million as at 30 June 2015.
2. Paul sells goods to Saul at cost plus 30%. Saul had $1.8 million of goods in its inventory at 30 June 2015 which had been supplied by Paul. In addition, on 28 June 2015, Paul processed the sale of $800,000 of goods to Saul, which Saul did not account for until their receipt on 2 July 2015. The in-transit goods reconciliation should be achieved by assuming the transaction had been recorded in the books of Saul before the year end. At 30 June 2015, Paul had a trade receivable balance of $2.4 million from Saul which differed to the equivalent balance in Saul's books due to the sale made on 28 June 2015.
3. On 30 June 2015, the fair values of the financial asset equity investments of Paul and Saul were $13.2 million and $7.9 million, respectively.
4. Paul's policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose, Saul's share price at that date is representative of the fair value of the shares held by the non-controlling interest.

REQUIRED: PREPARE THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR PAUL AS AT 30 JUNE 2015