Q4 Mike Ltd acquired 70% of shares in Jay Ltd on 01 January 2016 for R165 000. At this date the retained earnings of the subsidiary was R40 000. At the date of acquisition Mike Ltd considered the net assets of Jay Ltd to be fairly valued in its statement of financial position, with the exception of land which was considered to be worth R50 000 more than its carrying amount. Jay Ltd did not adjust the value of the land in its books. The non controlling interests are recognised at their share of the net identifiable assets of the subsidiary. The following are the summarised Statements of Financial Position of Mike Ltd and Jay Ltd as at 31 December 2019: Mike Ltd Jay Ltd Assets Land at cost Investment in S Lid Total current assets Equity and Liabilities Share Capital Retained Earnings Non Current Liabilities 2 000 000 1 400 000 165 000 435 000 2 000 000 550 000 900 000 550 000 200 000 140 000 0 60 000 200 000 110 000 70 000 20 000 Required: Prepare the Consolidated Statement of Financial Position as at 31 December 2019. Note: Students are required to show at acquisition journal entries and analysis of shareholding