Sun Ltd acquired 100% of Moon Ltd for $500,000 on 1 December 2020. All assets were recorded close to their fair values except land, which was valued at $200,000. The following is a tabulation of the financial statements of both entities. Moon Ltd $ 50,000 66,000 40,000 Cash Trade Receivables Inventories Investment in Subsidiary Moon Ltd Land Buildings Furniture Sun Ltd $ 75,000 130,000 100,000 500,000 350,000 250,000 160,000 1,565,000 150,000 90,000 70,000 466,000 Trade Payables Mortgage Share Capital Retained Earnings 125,000 275,000 800,000 365,000 1,565,000 84,000 0 300,000 82,000 466,000 Required: (a) What is the shareholding (%) a parent company must have for the entities below: i. ii. iii. Investment Associate Subsidiary [1 mark] [1 mark] [1 mark] (b) Name the method used to account for a subsidiary. [1 mark] (c) Hence, prepare the Consolidated Statement of Financial Position in a single worksheet. [16 marks]