Redcliff Ltd acquired the entire share capital of ABC Ltd for $18,000 cash on 31 December 20X4. The balance sheets of the two companies as at that date were as follows:

Current assets Non-current assets:

Investment in ABC at cost

Other asset Total assets

Current liabilities

Net assets

Paid-up capital Retained profitsOwners' equity

Required:

Redcliff Ltd ABC Ltd $$$

240,000 28,800

18,000

96,000 114,000 9,600

354,000 38,400 198,000 20,400156,000 18,000

120,000 12,000 36,000 6,000156,000 18,000

Prepare the consolidated balance sheet of Redcliff Ltd and its subsidiary as at 31 December 20X4. (10 marks)