The statements of financial position of three entities P, S and A are shown below. The statements of financial position are as of 31 December Year 5. However, the statement of financial position of P records its investment in Entity A incorrectly.

The investment in A is shown at cost, instead or in accordance with the equity method of accounting and the requirements of IAS28.

The accounting policy of P is to value non-controlling interests in its subsidiary at a proportionate amount of net identifiable assets.

P S A

Non-current assets

Property, plant and equipment 450000 240000 460000

Investment in S at cost 320000

Investment in A at cost 140000

Current assets

Inventory 70000 90000 70000

Current account with P 60000

Current account with A 20000

Other current assets 110000 130000 40000

Total assets 1100000 520000 570000

Equity

Equity shares of $1 100000 200000 100000

Share premium 160000 80000 120000

Retained earnings 650000 140000 250000

Non-current liabilities 40000 20000 30000

Current liabilities

Current account with P 20000

Current account with S 60000

Other current liabilities 100000 80000 50000

Additional information

P bought 150,000 shares in S several years ago when the fair value of the net assets of S was $340,000.

P bought 30,000 shares in A several years ago when the fair value of A's net assets was $370,000.

There has been no change in the issued share capital or share premium of either S or A since P acquired its shares in them.

There has been impairment of $20,000 in the goodwill relating to the investment in S, but no impairment in the value of the investment in A.

1 On 31 December Year 5, A holds inventory purchased during the year from P which is valued at $16,000 and P holds inventory purchased from S which is valued at $40,000. Sales from P to A and from S to P are priced at a mark-up of one-third on cost.

None of the entities has paid a dividend during the year.

Required

Prepare the consolidated statement of financial position of the P group as of 31 December Year 5.