Shitanda Plc's purchased 960 million shares in Karatandi Plc a year ago when Karatandi had a Credit balance of $ 190million in retained earnings. The fair value of the non-controlling interest at the date of acquisition was $ 330million. At the date of acquisition, the freehold land of Karatandi Plc was valued at $ 140million in excess of its carrying value. The revaluation has not been recorded in the accounts of Karatandi. The financial statements comprising Statement of Financial Position of Shitanda Plc and Karatandi Plc as at 31 December 2012 are as follows: Non-Current Assets Land and building Machinery and equipment Investment in Karatandi Plc. Current Assets Inventories Trade receivables Cash/bank Ordinary Shares at $1 each $ $ $ $ 630 556 570 440 1,320 2,520 996 714 504 1,050 252 316 2,080 60 816 4,600 1,812 3,000 1,200 Retained Earnings 1,160 424 Shareholders fund 4,160 1,624 Current Liabilities Trade payables 440 188 4,600 1,812 Karatandi Plc owes Shitanda Plc N50million for goods purchased during the year. Inventory of Karatandi Plc includes goods bought from Shitanda Plc at the price that includes a profit to Shitanda Plc of $ 24million. The management of Shitanda Plc wants the financial statements to be consolidated using the acquisition method and wishes to know whether there is goodwill on acquisition of Karatandi Plc and the amount involved. You are required to: Prepare the Consolidated Statement of Financial Position as at 31 December 2012