Question
On 1 January 20X6, Parent Co acquired 70% of Subsidiary Cos equity shares by means of a share exchange of two shares in Parent Co
On 1 January 20X6, Parent Co acquired 70% of Subsidiary Cos equity shares by means of a share exchange of two shares in Parent Co for every three Subsidiary Co shares acquired. On that date, further consideration was also issued to the shareholders of Subsidiary Co in the form of a $120 8% loan note for every 80 shares acquired in Subsidiary Co. None of the purchase consideration, nor the outstanding interest on the loan notes at 31 March 20X6, has yet been recorded by Parent Co. At the date of acquisition, the share price of Parent Co and Subsidiary Co is $ 433 and $2.2 respectively
Prepare the consolidated statement of financial position for Parent Co as at 31 March 20X6
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