P acquired 60% of the shares in S on 1 January 2020 when the retained earnings of S stood at $6,000. The fair value of the non-controlling interest at the date of acquisition was $30,000. On 31 December 2020, the Statements of Financial Position of each of the two companies were as follows:

	P	S
Non current Assets	50,000	30,000
Investment in S, at cost	40,000
Current assets	14,000	12,000
	104,000	42,000
Share capital - $1 shares	50,000	20,000
Retained earnings	44,000	16,000
Current Liabilities	10,000	6,000
	104,000	42,000

Required: Prepare the consolidated financial statement on 31 December, 2020.