Question 1. Ralph Co aquires 80% of Angus Co on 1 January 20X7 for $780,000. At this date the net assets of Angus Co had a book value of $720,000 and a fair value of $750,000. The difference was due to land that was still held at 31 December 20X7. The NCI was measured as a proportion of net assets. Extracts from the statements of financial position of the two companies at 31 December 20X7 were as follows: Ralph $'000 Angus $'000 Property, plant and equipment 1,290 640 Investment 780 - Current assets 370 450 What is consolidated total assets?

2,960,000

2,930,000

2,780,000

2,742,000