Question 2 The summarized Statements of Financial Position of Corona Bhd, Coved Bhd and Veruz Bhd as at 31 December 2019are as follows: Statement of Financial Position as at 31 December 2019 Corona Bhd Coved Bhd Veruz Bhd RM '000 RM 000 RM 000 Nor current assets Property, plant and equipment 221,410 115,200 93,000 Investment in subsidiaries 153,100 52,100 Investment in associate 3,800 Investment in joint venture 20,000 Other long-term investment 30,000 25,000 10,000 Current assets Inventories Trade receivable Bank Total assets 14,600 9,000 25.730. 477,640 20,000 10,000 12010 234,310 7,000 18,000 25.640 153,640 120,000 60,000 Equity Ordinary shares 10% Preference shares Retained earnings Asset revaluation reserves 20,000 200,000 7,000 221,900 5,000 71,140 51,510 11,000 Non-current liabilities 8% Redeemable Preference shares 10% Debentures 600 15,640 200 500 20,100 25,000 19,000 Current liabilities Trade payables Tax payables Total equity and liabilities 8,000 477,640 234,310 153,640 Additional information: 1. Number of ordinary shares of each company are as follows: Corona Bhd 200,000,000 Coved Bhd 120,000,000 Veruz Bhd 60,000,000 2. Investment in subsidiary and associate: a Corona Bhd acquired 80% of Coved Bhd's ordinary shares on 1 July 2014. Retained profit of Coved Bhd on the acquisition date was reported at RM30,100,000. The fair value of non-depreciable asset of Coved Bhd was RM5,000,000 exceed its carrying value. No adjustment has been made by Coved Bhd as to account for the value b. Corona Bhd acquired 40% of the issued ordinary shares of Veruz Bhd on 1 January 2016. On this date, the retained profit of Veruz was RM42,000,000 3. Corona Bhd also have 40% joint control in Power Bhd company on 1 June 2019. The reported retained profit of Power Bhd as at the acquisition date was at RM1,500,000. As at 31 December 2019, the retained profit of Power Bhd was amounted to RM3,200,000 There is no other transaction incurred during the year 2019. 4. During June 2019, Corona Bhd sold a plant to Coved Bhd. The plant carrying amount was RM230,000,000 and sold it at RM280,000,000. On this date, the remaining useful life of the plant was five years. It is the group policy to depreciate its plants on a straight line method with a full year's depreciation provided in the year of purchase and none in the year of disposal 5. During the year, Veruz Bhd sold goods costing RM800,000 to Corona Bhd for RM1,000,000 at a mark-up of 20%. As at the year-end, 25% of these goods are remained unsold, 6. Included in the trade receivable of Corona Bhd is RM2,000,000 due from Coved Bhd. Coved Bhd recorded it as trade payable amounted to only RM 1,000,000 since another RM1,000,000 was remitted to Corona Bhd but yet received as at 31 December 2019. 7. It is the group's policy to measure the non-controlling interest at the proportionate interest in the fair values of the net assets of the subsidiary on the date of acquisition Required: Prepare the Consolidated Statement of Financial Position of Corona Bhd and its group of companies as at 31 December 2019. Disclose all relevant workings (30 marks)