The Lion Group carries on business as a distributor of warehouse equipment and importer of fruits into the country. Lion was incorporated in 2011 to distribute warehouse equipment. It diversified its activities during 2013 to include the import and distribution of fruits and expand its operations by the acquisition of shares in Leo in 2015 and in Tiger in 2017. Accounts for all companies are made up to 31 December.

are as follows

	Lion	Leo	Tiger
	$000	$000	$000
Revenue	45,600	24,700	22,800
Cost of sales	18,050	5,463	5,320
Gross profit	27,550	19,237	17,480
Distribution costs	3,325	2,137	1,900
Administrative expenses	3,475	950	1,900
Finance costs	325	-	-
Profit before tax	20,425	16,150	13,680
Income tax expenses	8,300	5,390	4,241
Profit for the year	12,125	10,760	9,439

Dividends paid and declared for the period 9,500

The draft statements of financial position as at 31 December 2019 are as follows:

	Lion	Leo	Tiger
	$000	$000	$000
Non-current assets
Property, Plant and Equipment (NBV)	35,483	24,273	13,063
Investments
Shares in Leo	6,650	-	-
Shares in Tiger	-	3,800	-
	42,133	28,073	13,063
Current asset	1,568	9,025	8,883
	43,701	37,098	21,946
Equity
$1 ordinary shares	8,000	3,000	2,000
Retained earnings	22,638	24,075	19,898
	30,638	27,075	21,898
Current liabilities	13,063	10,023	48
	43,701	37,098	21,946

The following information is available relating to Lion, Leo and Tiger.

a) On 1 January 2015 Lion acquired 2,700,000 $1 ordinary shares in Leo for $6,650,000 at which date there was a credit balance on the retained earnings of Leo of $1,425,000. No shares have been issued by Leo since Lion acquired its interest.

b) On 1 January 2017 Leo acquired 1,600,000 $1 ordinary shares in Tiger for $3,800,000 at which date there was a credit balance on the retained earnings of Tiger of $950,000. No shares have been issued by Tiger since Leo acquired its interest.

c) During 2019, Tiger had made intragroup sales to Leo of $480,000 making a profit of 25% on cost and $75,000 of these goods were in inventory on 31 December 2019.

d) During 2019, Leo had intragroup sales to Lion of $260,000 making a profit of 33-1/3% on cost and $60,000 of these goods were in inventories on 31 December 2019.

e) On 1 November 2019 Lion sold warehouse equipment to Leo for $240,000 from inventories. Leo has included this equipment in its property, plant, and equipment. The equipment had been purchased on credit by Lion for $200,000 in October 2019 and this amount in included in its current liabilities as at 31 December 2019.

f) Leo charges depreciation on its warehouse equipment at 20% on cost. It is company policy to charge a full years depreciation in the year of acquisition to be included in the cost of sales.

g) An impairment test conducted at the year end did not reveal any impairment losses.

h) It is the group policy to value the non-controlling interest at fair value at the date of acquisition. The fair value of the non-controlling interests in Leo on 1 January 2015 was $500.000. The fair value of the 28% non-controlling interest in Tiger on 1 January 2017 was $900,000.

Required Prepare for the Lion Group: (Lion, Leo and Tiger)

B) A consolidated statement of financial position as at 31 December, 2019