Question 1 Bull plc acquired 80% of the issued share capital of bear Ltd on 1 January 2018 for 4,600, 000. At that date Bear Ltd had issued share capital of 3,000, 000 and retained earnings of 840, 000. The summarised statements of financial position of the two companies one year later at 31st December 2018 are as follows: Statements of financial position as at 31st December 2018 Bull plc Bear Ltd 000 000 Assets Investment in Bear Ltd 4,600 Non-current assets 7,500 4,590 Current assets 3,800 1,570 Total assets 15,900 6,160 Total equity and liabilities Equity Share capital 5,000 3,000 Retained earnings 7,800 1,510 Total equity 12,800 4,510 Non-current liabilities 1,000 750 Current liabilities 2,100 900 Total liabilities 3,100 1,650 Total equity and liabilities 15,900 6,160 Additional data The fair value of non-current assets of Bear Ltd at 1 January 2018 was 4,200, 000. The book value of the non-current assets was 3,900, 000. The revaluation has not been recorded in the books of Bear Ltd. (ignore any effects of depreciation for the year) The directors of Bull plc have decided that non-controlling interest be valued at their proportionate share of Bears net assets. (a) Draft a consolidated statement of financial position for Bull plc and its subsidiary as at 31st December 2018. financial accounting