Requirement i & ii needed

b. Papilla acquired 70% of Satago three years ago, when Satago's retained carnings were $430,000. The Financial Statements of each company for the year ended 31 Marh2017 are as follows: Statements of Financial Position as at 31 March 2017 Statements of profit or loss for the year ended 31 March 2017 You are provided with the following additional information: (i)Satago had plant in its Statement of Financial Position at the date of acquisition with a carrying value of $100,000 but a fair value of $120,000. Th plant had a remaining life of 10 years at acquisition. Depreciation is charged to cost of sales. (ii)The Papilla group values the non-controlling interests at fair value. The fair value of the noncontrolling interests at the date of acquisition was $250,000. Goodwill is to be impaired by 30% at the reporting date, of which one third related to the cuirent year. (iii)At the start of the year Papilla transferred a machine to Satago for $15,000. The asset had a remaining useful economic life of 3 years at the date of transfer. It had a carrying value of $12,000 in the books of Papilla at the date of transfer. (iv)During the year Satago sold some goods to Papilla for $60,000 at a mark-up of 20%.40% of the goods remained unsold at the year-end. At the year-end, Satago's books showed a receivables balance of $6,000 as being due from Papilla. This disagreed with the payables balance of $1,000 in Papilla's books due to Papilla having sent a cheque to Satago shortly before the year end which Satago had not yet received. (v) Satago paid a dividend of $20,000 on 1 March 2017. Required: i. Prepare the consolidated statement of financial position as at 31 March 2017. ii. Prepare the consolidated statement of financial performance for the year ended 31March2017