The following financial information of Sub Ltd and Parent Ltd has been extracted from their respective financial records for the year ended 31 March 2020:

Parent LtdSub LtdSales$1 531 000$780 000Cost of goods sold648 000324 000Gross profit883 000456 000Dividend income 12 000-Consulting fee income17 000-Expenses716 000358 000Profit before taxation 196 000 98 000Income tax expense 78 400 39 200Profit after taxation117 600 58 800Retained profits opening 590 000290 000Dividends declared 50 000 20 000Balance Sheet items:Retained profits closing 657 600328 800Share capital370 000 180 000Asset revaluation surplus152 00090 000Dividend payable 39 00014 000Various non-current liabilities 421 000 207 200Total equity and liabilities$1 639 600$820 000Various current assets1 237 200736 000Accounts receivable102 00048 000Dividend receivable 8 400-Inventory82 00036 000Investment in Sub Ltd210 000-Total assets$1 639 600$820 000 Accounting 211 ASSIGNMENT 4 Semester 2 20214Question 2 continued:On 1 April 2004, Parent Ltd acquired 60% of the equity of Sub Ltd and paid a cash sum of $210 000 for the acquisition. The identifiable net assets were considered to be fairly valued at the date of acquisition.At the date of acquisition, the equity of Sub Ltd comprised the following:Share capital$180 000Retained earnings 60 000Asset revaluation surplus 80 000Additional information:(i) During March 2020, Sub Ltd had made sales to Parent Ltd of $9 000. The inventory soldhad cost Sub Ltd $6 500. Inventory of Parent Ltd, held at 31 March 2020, included this purchase from Sub Ltd. (ii) During March 2019, Parent Ltd had made sales to Sub Ltd amounting to $7 000. The inventory sold had cost Parent Ltd $5 000. Inventory of Sub Ltd, held at 31 March 2019,included the inventory purchased from Parent Ltd.(iii) During the year ended 31 March 2020, Sub Ltd had incurred and paid Parent Ltd $17 000 of consulting fees.(iv) Parent Ltd measures the non-controlling interest (NCI) at fair value.The goodwill, recognised on consolidation, was impaired by $1 000 in 2006, by $890 in 2012, and by $700 in the year ended 31 March 2020. Required:Prepare the Group Statement of Financial Position as at 31 March 2020. You are required to include your notional journal entries required by NZ IFRS 3 Business Combinations and NZ IFRS 10 Consolidated Financial Statements to consolidate the financial statements of Parent Ltd and Sub Ltd for the year ended 31 March 2020.