Question 4: Illustration 3 - Non-controlling interests Draft SFPs of Piper and Swans on 31 December 20X1 are as follows. Piper Swans $000 5000 Non-current assets 90 100 Investment in Swans at cost 110 Current assets 50 250 130 30 Equity and liabilities Capital and reserves Ordinary share capital $1 Retained earnings 100 120 100 20 220 120 Current liabilities 30 10 250 130 Piper had bought 80% of the ordinary shares of Swans on 1 January 20x1 when the retained profits of Swans were $10,000. No impairment of goodwill has occurred to date. Prepare a consolidated statement of financial position as at 31 December 20x1, assuming that the Piper group values the non-controlling interest using the proportion of net assets method