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 5- At 1 January 2010, Pirate sold a depreciable plant asset to Saint for $ 275. The sold plant asset had a cost of $1,000 and an accumulated de- preciation of $ 750. This asset is deprecated by Saint using straight line method over its remaining useful life of 5 years including full de- preciation in year of purchase. 6- Full goodwill method is used Required: Prepare the consolidated Balance Sheet as at 31 December 2010 and make sure to show all calculations and journal entries and fill the table below 9,520 Non-Current Assets Plant property and Equipment Investment in Saint plc Current Assets Inventory Accounts Receivable Cash Total Assets Current Liabilities Accounts payable Equity share capital Retained Earnings Total Liabilities and Equity 10,350 5,485 1,600 970 6,031 24,436 1,020 600 170 11,310 1,290 1,125 Pirate Saint FV ADJ 80% CI NCI AD Impairment Invent AD AD Group 15,500 7,646 24,436 4,800 5,385 11,310 10,350 9,520 Non- Current Assets Plant property and Equipment Investment in Saint plc The following information is also relevant 5,485 1- Pirate acquired 80% of the share capital of Saint in 1 January 2009 when Saint plc had the following balances 1,600 970 1,020 600 Share capital Retained Earnings Saint 4,800 2,400 Current Assets Inventory Accounts Receivable Cash Total Assets Current Liabilities Accounts payable Equity 6,031 24,436 170 11,310 1,290 1,125 15,500 4,800 2- In arriving at the consideration for the shares in Saint plc, the fair value of Saints PPE was agreed at $ 500 below the book value. 10 year remaining life for this PPE using straight line method. 3- During the current year 2010 Piarte plc sold merchandise inventory to Saint at an invoice price of $ 400 on which Pirate made a gross profit of 25%. One quarter (1/4) of these goods remained in the in- ventory of Saint plc at 31 December 2010. 4- Goodwill was impaired by $ 50 during the year 2010. There was no impairment in 2009. 7,646 5,385 Share capital Retained Earnings Total Liabilities and Equity 24,436 11,310