The statement of the financial position of ABC Company and XYZ Company as of December 31, 2019, were as follows:

ABC Co XYZ Co

$000 $000

Property Plant & Equipment 9,000 5,000

Investment in Dodo Pte Ltd 5,000

Other Assets 2,000 1,500

16,000 6,500

Share Capital 500 500

Retained Earnings 14,500 5,000

Other Liabilities 1,000 1,000

16,000 6,500

ABC Co acquired 80% equity in XYZ Co two years ago.

At the date of acquisition, XYZs retained earnings stood at $3milion and the fair value of its net assets was $5million. This was $1.5million above the carrying amount of the net assets at this date. The fair value adjustment related to an asset that had a remaining useful economic life of 10 years as at the date of acquisition. The goodwill arising on consolidation has not suffered any impairment.

Required:

Prepare the consolidated statement of the financial position of ABC Co as on December 31, 2019, on the assumption that non-controlling interest is valued at fair value (use the full goodwill method).

Please show all workings.