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2. Entity P, a public listed company, acquired 90% of Entity S's ordinary shares on 1 January 2018. Entity P paid 3.00 per share in cash on the acquisition date and an additional 104 million in cash which was paid on 1 January 2019. Entity S has retained earnings of 110 million as at the acquisition date and had not issued any ordinary shares subsequent to that date. The draft statements of financial position of the two entities at 31 December 2019 are presented below: Entity P Emilion Entity s E million Non-current assets Property, plant and equipment [note (1)] Investments in Entity S at cost [note (2)] 630 830 640 1,470 630 Current assets Inventories (note (4) Trade and other receivables Cash and banks 120 240 59 419 1,889 65 141 35 241 Total assets 871 Equity: Ordinary shares of 1 each Share premium Retained earnings Other components of equity 400 450 620 120 1,590 200 100 230 530 Non-current liabilities Bank borrowing Deferred tax liability (note (5)] 180 125 40 165 180 Current liabilities Trade and other payable Total equity and liabilities 134 1,889 161 871 The following information is relevant: (1) At the date of acquisition, Entity S's land and buildings had a fair value that is 170 million higher than their book values, of which 80 million was attributable to buildings. The land is a non-depreciable asset and buildings are depreciated at 5% per year (2) Entity Shad internally developed a brand name for its products. An independent consultant had valued the brand name at a value of 20 million with an estimated life or 4 years as al 1 January 2018. (3) It is Entity P's policy to measure non-controlling interest at its proportionate share of the fair value of the identifiable assets and liabilities of the acquiree. (4) Entity P sold goods to Entity S during the year at a profit of 12 million, a half of these goods were still in the inventory of S on 31 December 2019. S had paid for the purchases from P before 31 December 2019. (5) As at 31 December 2019, Entity P has equipment which has a carrying amount of 340 million and tax base of 220 million. The deferred tax liability of 40 million in the statement of financial position was the tax consequence of the previous year's temporary difference arising from the same asset. No deferred tax adjustment has been made for the current year. The applicable tax rate is 25%. (6) None of the entities had proposed or paid any dividends during the year. (7) There has been no impairment on the net assets of all entities since the acquisition. Entity P uses a discount rate of 4% for any necessary present value estimation. Required: (a) Prepare the consolidated statement of financial position for Entity P group as at 31 December 2019. 2. Entity P, a public listed company, acquired 90% of Entity S's ordinary shares on 1 January 2018. Entity P paid 3.00 per share in cash on the acquisition date and an additional 104 million in cash which was paid on 1 January 2019. Entity S has retained earnings of 110 million as at the acquisition date and had not issued any ordinary shares subsequent to that date. The draft statements of financial position of the two entities at 31 December 2019 are presented below: Entity P Emilion Entity s E million Non-current assets Property, plant and equipment [note (1)] Investments in Entity S at cost [note (2)] 630 830 640 1,470 630 Current assets Inventories (note (4) Trade and other receivables Cash and banks 120 240 59 419 1,889 65 141 35 241 Total assets 871 Equity: Ordinary shares of 1 each Share premium Retained earnings Other components of equity 400 450 620 120 1,590 200 100 230 530 Non-current liabilities Bank borrowing Deferred tax liability (note (5)] 180 125 40 165 180 Current liabilities Trade and other payable Total equity and liabilities 134 1,889 161 871 The following information is relevant: (1) At the date of acquisition, Entity S's land and buildings had a fair value that is 170 million higher than their book values, of which 80 million was attributable to buildings. The land is a non-depreciable asset and buildings are depreciated at 5% per year (2) Entity Shad internally developed a brand name for its products. An independent consultant had valued the brand name at a value of 20 million with an estimated life or 4 years as al 1 January 2018. (3) It is Entity P's policy to measure non-controlling interest at its proportionate share of the fair value of the identifiable assets and liabilities of the acquiree. (4) Entity P sold goods to Entity S during the year at a profit of 12 million, a half of these goods were still in the inventory of S on 31 December 2019. S had paid for the purchases from P before 31 December 2019. (5) As at 31 December 2019, Entity P has equipment which has a carrying amount of 340 million and tax base of 220 million. The deferred tax liability of 40 million in the statement of financial position was the tax consequence of the previous year's temporary difference arising from the same asset. No deferred tax adjustment has been made for the current year. The applicable tax rate is 25%. (6) None of the entities had proposed or paid any dividends during the year. (7) There has been no impairment on the net assets of all entities since the acquisition. Entity P uses a discount rate of 4% for any necessary present value estimation. Required: (a) Prepare the consolidated statement of financial position for Entity P group as at 31 December 2019