QUESTION ONE [30] H Limited acquired 70% of shares in S Limited on 01 January 2016 for R165 000. At this date the retained earnings of the subsidiary was R40 000. At the date of acquisition H Limited considered the net assets of S Ltd to be fairly valued in its statement of financial position, with the exception of land which was considered to be worth R50 000 more than its carrying amount. S Limited did not adjust the value of the land in its books. The non controlling interests are recognised at their share of the net identifiable assets of the subsidiary. The following are the summarised Statements of Financial Position of H Limited and S Limited as at 31 December 2019: H Limited S Limited Assets 2 000 000 200 000 Land at cost 1 400 000 140 000 Investment in S Ltd 165 000 0 Total current assets 435 000 60 000 Equity and Liabilities 2 000 000 200 000 Share Capital 550 000 110 000 Retained Earnings 900 000 70 000 Non Current Liabilities 550 000 20 000 Required: Prepare the Consolidated Statement of Financial Position as at 31 December 2019. Note: Students are required to show at acquisition journal entries and analysis of shareholding