Set out below is the summarised statement of financial position of Berlin plc at 1 January 2010 K ASSETS Non-Current Assets Property, plant and equipment 250,000 Current Assets 150,000 Total Assets 400,000 EQUITY AND LIABILITIES Capital and Reserves Share Capital - K5 shares 200,000 Retained Earnings 80,000 280,000 Current liabilities 120,000 Total Equity and Liabilities 400,000 On 1/1/2010 Berlin acquired 100% of the shares of Hanover for K100, 000 and gained control. Required Prepare the statement of financial position of Berlin immediately after the acquisition if: (a) Berlin acquired the shares for cash. (b) Berlin issued 10,000 common shares of K5 (market value K10.). 4. Describe the requirement of IFRS 3 in relation to the revaluation of a subsidiary company's assets to fair value at the acquisition date.