).
Statement of Financial Position PapaCo$000SonCo$$000 Assets Non-current assets Property, plant and equipment Shares in Son Co (at cost) Total non-current assets Current assets Inventories Trade receivables Cash and bank balances Total current assets Total assets Equity and liabilities Share capital (\$1 share) Retained earnings Total equity Non-current liabilities Long-term borrowings Current liabilities Trade and other payables Total liabilities Total equity and liabilities 50,94012,42063,360 \begin{tabular}{c} 2,610 \\ 2,970 \\ 1,530 \\ \hline 7,110 \\ \hline 70,470 \\ \hline \hline \end{tabular} 7,20048,69055,890 11,880 \begin{tabular}{c} 2,700 \\ \hline 14,580 \\ \hline \hline 70,470 \\ \hline \end{tabular} 14,58014,5801,080990902,16016,740 2,1609,54011,700 4,320 \begin{tabular}{c} 720 \\ \hline 5,040 \\ \hline 16,740 \\ \hline \hline \end{tabular} Additional information: 1. On 1 June 2022 Papa Co purchased a 70% holding in Son for $12.420m in cash. Son Co's total comprehensive income for the year ended 31 December 2022 was accruing evenly over the year. Son did not pay any dividends in the year. 2. At the date of the acquisition, the fair value of Son Co's assets was equal to their carrying amounts 3. The non-controlling interest in Son is to be valued at its fair value of $2.880m at the date of acquisition. Required: 1. Prepare the consolidated statement of the financial position and consolidated statement of profit or loss and other comprehensive income of the Papa's Group as at 31 December 2022 (incorporating the changes from the previous example identified in bold text). Statement of Financial Position PapaCo$000SonCo$$000 Assets Non-current assets Property, plant and equipment Shares in Son Co (at cost) Total non-current assets Current assets Inventories Trade receivables Cash and bank balances Total current assets Total assets Equity and liabilities Share capital (\$1 share) Retained earnings Total equity Non-current liabilities Long-term borrowings Current liabilities Trade and other payables Total liabilities Total equity and liabilities 50,94012,42063,360 \begin{tabular}{c} 2,610 \\ 2,970 \\ 1,530 \\ \hline 7,110 \\ \hline 70,470 \\ \hline \hline \end{tabular} 7,20048,69055,890 11,880 \begin{tabular}{c} 2,700 \\ \hline 14,580 \\ \hline \hline 70,470 \\ \hline \end{tabular} 14,58014,5801,080990902,16016,740 2,1609,54011,700 4,320 \begin{tabular}{c} 720 \\ \hline 5,040 \\ \hline 16,740 \\ \hline \hline \end{tabular} Additional information: 1. On 1 June 2022 Papa Co purchased a 70% holding in Son for $12.420m in cash. Son Co's total comprehensive income for the year ended 31 December 2022 was accruing evenly over the year. Son did not pay any dividends in the year. 2. At the date of the acquisition, the fair value of Son Co's assets was equal to their carrying amounts 3. The non-controlling interest in Son is to be valued at its fair value of $2.880m at the date of acquisition. Required: 1. Prepare the consolidated statement of the financial position and consolidated statement of profit or loss and other comprehensive income of the Papa's Group as at 31 December 2022 (incorporating the changes from the previous example identified in bold text)
