Sandy plc acquired 100 per cent of the issued capital of Beach plc on 30 June 2014 for $900,000, when the statement of financial position of Beach plc was as follows:

plc acquired 100 per cent of the issued capital of Beach plc on 30 June 2014 ment of financial position of Beach plc was as follows: LO 20.4 for 900,000, when the state Statement of financial position of Beach plc as at 30 June 2014 (working sheet) 000 000 Assets Accounts receivable Inventory Land Property, plant and equipment Accumulated depreciation Liabilities 300 70 Loan 100 400 Shareholders' equity 700 Share capital 500 270 Retained earnings 200 1,000 Additional information . The tax rate is 30 per cent. . As at the date of acquisition, all assets of Beach pic were at fair value, other than the property, plant and equip- ment, which had a fair value of 8530,000. Beach plc adopts the cost model for measuring its property, plant and equipment. The property, plant and equipment is expected to have a remaining useful life of ten years, and no residual value. . One year following acquisition, it was considered that Beach plc's goodwill had a recoverable amount o . Beach plc declared a dividend of 40,000 on 10 July 2014, with the dividlends being paid from pre-acquisiton . The statements of financial position and statements of comprehensive income of Sandy plc and Beach pic 260,000. retained earnings. year after acquisition are as follows: Topics on Financial and Management Accounting ts of financial position of Sandy plc and Beach plc as at 30 June 2015 Sandy plc Beach plo (2000) (C000) th relativehy wns 30 per lc are dis- per cent of al general Non-current assets Property, plant and equipment Accumulated depreciation Investment in Beach plc 900 (300) 900 2,100 400 700 (313) 787 Current assets Inventory Accounts receivable 140 50 123 50 40 213 he state- Total assets EQUITY AND LIABILITIES Equity and reserves Share capital Retained earnings 500 300 1,000 500 1.600800 Non-current liabilities 670140 Liabilities Accounts payable Dividends payable 10 100 100 200 200 870 1000 Total liabilities Total equity and liabilities Reconciliation of opening and closing retained earnings Profit after tax 400 190 uip- ings-3June2014 (40) Interim dividend Final dividend Retained earnings-30 June 2015 REQUIRED Prepare the consolidated statement of financial position for the above entites as at 30 June 2015