On 1 January 20X1, P acquired 70% of the ordinary shares of S for $200,000. The statements of financial position for the two companies as at 31 December 20X1 are presented below: P $ S $ 300,000 200,000 200,000 Assets Non-current assets Property, plant and equipment Investments Current assets Inventories Trade and other receivables Cash and cash equivalents 45,000 65,000 19,000 30,000 67,000 3,000 Total Assets 629,000 300,000 Equity and liabilities Equity Share capital Share premium Retained earnings Non-current liabilities Loans Current liabilities Trade and other payables 10,000 40,000 15,000 60,000 446,000 115,000 100,000 50,000 58,000 35,000 Total equity and liabilities 629,000 300,000 The following information is relevant to the preparation of the consolidated financial statements: On 1 January 20x1, the retained earnings of S were $70,000 and the fair value of non-controlling interest was $54,000. At the acquisition date, the fair value of land owned by S exceeded its carrying value by $40,000. This land was still owned at 31 December 20X1. . Required: Compute the relevant workings and the consolidated statement of financial position for the P group as at 31 December 20X1