The following are the statements of financial position of Pirate plc and Saint plc for the year ended 31 December 2010. Statement of Financial position as at 31 December 2010 Pirate Saint Non-Current Assets Plant property and Equipment 10,350 9,520 Investment in Saint plc 5,485 Current Assets Inventory 1,600 1,020 Accounts Receivable 970 600 Cash 6,031 170 Total Assets 24.436 11,310 Current Liabilities Accounts payable 1,290 1,125 Equity share capital 15,500 4,800 Retained Earnings 7,646 5,385 Total Liabilities and Equity 24,436 11,310 The following information is also relevant 1- Pirate acquired 70% of the share capital of Saint in 1 January 2009 when Saint plc had the following balances