Question Packo Co acquired 90% of the shares in Strawberry Co a year ago the retained earning at acquisition of Strawberry Co stood at $ 15,000. Draft statements of financial position for each company as at 31 December 2019 are: Packo Strawberry Assets Non-current assets Property, plant and equipment Other financial instruments Investment in S Co at cost -0 32,000 -0 88,000 120,000 - 0 38,000 77,000 -0 115,000 -0 30,000 21,000 40,000 211,000 24,000 16,000 155,000 Inventories Accounts receivable Cash Total assets Equity and liabilities Equity Ordinary shares of $1 each Retained earnings Accounts payable Notes payable Total equity and liabilities 100,000 25,000 125,000 35,000 51,000 211,000 TRUE 50,000 28,000 78,000 49,000 28,000 155,000 TRUE In ordinary course of business there are high turnovers between the Group members. During 2019 Strawberry Co sold goods to Packo Co for $70,000, the profit to S Co being 30% of selling price. At the end of the reporting period, $30,000 of these goods remained unsold in the inventories of Packo Co. Packo bought goods on credit and still owes $20,000 to Strawberry at the end of the year . NCI is valued at full fair value. The share price of Strawberry stood at $2.4 per share at the date of acquisition. Required Prepare consolidated statement of financial position for Packo Group. (22 marks available)