On January 1, 2015 Paramount Ltd acquired 70% of Sanchez Ltd. On that date Sanchez Ltd had retained earnings of $2,100,000 and revaluation reserves of $1,200,000. On December 31, 2019 the statements of financial position of the two companies were as follows:

Details	Paramount Ltd	Sanchez Ltd
	$	$
Non-current assets	20,000,000	6,000,000
Investments	5,000,000	1,000,000
Current assets	7,000,000	2,000,000
Total assets	32,000,000	9,000,000
Share capital ($5 ordinary shares)	4,000,000	1,500,000
Share premium	6,500,000	0
Retained earnings	12,000,000	3,800,000
Revaluation reserves	4,500,000	2,000,000
Non-current liabilities	3,500,000	900,000
Current liabilities	1,500,000	800,000
Total equity and liabilities	32,000,000	9,000,000

Notes:

1. Goodwill has been impaired by twenty percent (20%).
2. Paramount Ltd holds a number of shares in other companies amounting to $400,000.
3. The market value of one Sanchez Ltd share on December 31, 2019 was $7.50.
4. The fair value method is used by Paramount Ltd group to measure the non-controlling interest (NCI).
5. Sanchez Ltd has not issued any shares since its acquisition.

Required:

1. Calculate the net assets of Sanchez Ltd. (6 marks)
2. Determine the value of Goodwill as a result of the acquisition. (5 marks)
3. Find the value of the non-controlling interests as a result of the acquisition. (5 marks)
4. What is the value of the groups retained earnings on December 31, 2019? (4 marks)
5. Calculate the groups revaluation reserve. (3 marks)
6. Prepare a consolidated statement of financial position as at December 31, 2019 in accordance with IFRS10. (17 marks)