Question: Consolidated Financial Statements The statements of financial position of Parent plc and Subsid plc as at 31 December 2014 are as follows: Parent plc Subsid plc Assets Non Current Assets at cost 600,000 280,000 Depreciation 200,000 77.500 400,000 202,500 Investment in Subsid plc 170,000 Current Assets Inventories 185,000 50,000 Trade Receivables 120,000 105,000 Current Account with Subsid plc 25,500 Bank 46,000 15,500 376.500 170.500 Current Liabilities Current Account with Parent plc 25,500 Trade Payables 240,000 45,500 Taxation 39,500 17,500 279,500 88,500 Net Current Assets Net Assets 97,000 82,000 667.000 284.500 Equity Share Capital Retained Earnings 411,000 150,000 256,000 134,500 667,000 284,500 Total Equity Parent plc acquired 75% of the shares in Subsid plc on 1 January 2010 when Subsid's retained earnings were 70,000. Non-controlling interests are measured using Method 1. During the year Parent plc sold Subsid plc goods for 30,000 which represented cost plus 25%. 30% of these goods were still in stock at the end of the year. Required: (a) Prepare a consolidated statement of position as at 31 December 2014;