Penn acquired 80% of the ordinary share captal of Speen for GEL 160m and 40% of the ordinary share capital of Amersham for GEL70m on 1 January 20X7 when the retained earnings balances were GEL64m in Speen and GEL24m in Amersham, Speen and ) Amersham are public limited companies. Amersham GELM 160 0 78 0 78 The statements of financial position of the three companies at 31 December 20x9 are set out below: Penn Speen GELM GELM Non-current assets Property, Plant and equipment 220 Investments 230 450 160 Current assets Inventories 384 234 Trade receivables 275 166 Cash at bank 410 1151 Equity share capital 1GEL ordinary shares 400 Share premium 3 Retained earnings 278 694 227 Current liabilities Trade payables 457 343 1151 570 10 42 701 122 67 34 223 301 570 96 80 16 128 0 97 177 124 301 You are also given the following information: On 30 November 20x9 Penn sold some goods to Speen for cash for GEL32m. These goods had originally cost GEL22m and none had been sold by the year end. On the same date Penn also sold goods to Amersham for cash for GEL22m. These goods originally cost GEL 10m and Amersham had sold half by the year end. On 1 January 20X7 Speen owned some items of equipment with a book value of GEL45m that had a fair value of GEL57m. These assets were originally purchased by Speen on 1 January 20x5 and are being depreciated over 6 years. Group Policy is to measure non-controlling interests at acquisition at fair value. The fair value of the non-controlling interests in Speen on 1 January 20X7 was calculated as GEL39m. Cummulative impairment losses on recognised goodwill amounted to GEL 15m at 31 December 20X9. No impairment losses have been necessary to date relating to the investment in the associate. Required Prepare the consolidated statement of financial position for the Penn Group at 31 December 2019