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The following are the summarised statements of financial position of North Ltd and South Ltd as at 31 December 2020 : Statements of Financial Position as at 31 December 2020 North Ltd $m South Ltd $m ASSETS Non-current assets Property, plant and equipment Investments 425 147 572 288 13 301 Current assets Inventories Accounts receivable Other current assets Cash and cash equivalents 88 147 37 36 308 880 73 106 22 15 216 517 EQUITY AND LIABILITIES Equity Ordinary shares $0.2 Preference shares Retained profits 300 157 457 150 150 45 90 285 82 Non-current liabilities Current liabilities Accounts payable Dividends payable Tax payable Bank overdraft 154 30 89 46 24 55 25 150 232 517 273 423 880 The following additional information is available: 1. South Ltd has 150 million ordinary shares and 45 million preference shares in issue. There has been no change in the number of issued shares for the company. 2. On 1 January 2018 North Ltd purchased 90 million ordinary shares in South Ltd paying a total of $120 million. The retained profits of South Ltd on 1 January 2018 were $30 million. 3. All the assets and liabilities of South Ltd were reported on its balance sheet at fair values as at 1 January 2018 except for a machine, with a remaining useful life of 5 years, whose fair value exceeded its carrying amount by $20 million. 4. Since 1 January 2018 the directors of North Ltd consider that the amount paid for as goodwill upon the acquisition has been impaired by $3 million. 5. South Ltd declared dividend on 1 December 2020 at the following rate: Ordinary dividend - $0.1 per shares Preference dividend - $0.2 per shares. North Ltd has not accounted for the dividend receivable from South Ltd. 6. During the year ended 31 December 2020 North Ltd sold inventory to South Ltd for $25 million. North Ltd earned a uniform margin of 40% on these sales. During the year ended 31 December 2020 South Ltd resold 80% of this inventory. On 31 December 2020 South Ltd had unpaid invoices totalling $18 million payable to North Ltd in respect of these purchases. 7. Each ordinary share in South Ltd carries one vote and there are no other voting rights in the company. 8. Non-controlling interest is valued at proportionate share of the subsidiary's identifiable net assets. Instructions: You are required to prepare the consolidated balance sheet of North Ltd as at 31 December 2020