Question 1: Statement of Financial Position of ABC and XYZ at 31st December-2019 are given below. 8 XYZ $ 20,000 ABC $ 33,000 12,000 5000 50,000 15000 35,000 Particulars Non-Current Assets: Property Plant and Equipment Investments: Shares in XYZ at Cost Current Assets Total Assets Equity and Liabilities: Capital and Reserves Called up share Capital ($1 ordinary share) Share premium Retained Earnings Total Equity 4,000 --- 10,000 5,000 6,000 21,000 12,000 16,000 Non-Current Liabilities: 8%Loan notes Current Liabilities Total Equity and Liabilities 20,000 9,000 50,000 9,000 10,000 35,000 On January-1, 2013 ABC acquired 3,000 shares of XYZ by paying cash $13,000 and 6,000 ordinary shares at $1.5 per share and 50,000 debentures at $1 each. They also agreed to pay 50,000 cash after 3 years. The market rate of return is 10%.At that date the of acquisition the balance of XYZ retained earnings was $8,000, and the fair value of the non-controlling interest was $3,500. The appropriate discount factor of $1 receivable three years from now is 0.751. As impairment review at the year end showed a fall in the value of goodwill of $1,800. Prepare the consolidated statement of financial position of ABC at 31st December-2019, assuming that it is group practice to value NCI using full goodwill method