Tripoll Bhd was incorporated many years ago as a polymer and composite materials processing company. Tripoli Bhd expanded its business by acquiring Milan Bhd and Bari Bhd. Their draft Statements of Financial Position as at 31 December 2020 are as follows: Property. Plant & Equipment Investment Inventories Trade Receivables Bills Receivable Cash & Cash Equivalent Total Tripoli Bhd Milan Bhd Bari Bhd RM million RM million RM million 126 71 23 89 30 5 12 18 15 10 8 12 3 7 4 3 3 240 137 58 70 10 2 Ordinary Share issued at RM1.00 each 8% Preference Share issued at RM1.00 each Retained Profit Current Year Profit Other Component of Equity Bank Loan Trade Payables Bills Payable Total 100 40 18 2 10 40 25 5 240 25 10 3.5 2 - 7.5 10 30 18 7 137 58 Additional information: 1. Tripoli Bhd acquired 65% of the ordinary shares of Milan Bhd on 1 January 2020 at RM1.20 per share. Revaluation of Milan Bhd's assets and liabilities indicated that 20% of the inventories had a net realisable value of RM2 milion. Additionally, the whereabout of a motor vehicle with a carrying value of RM200,000 could not be ascertained. A police report had been lodged citing negligence on the part of the driver. The accounts of Milan Bhd as at year end had not been updated to account for these matters. 2 Tripoli Bhd acquired 10 milion shares of Bari Bhd on 1 April 2020 for RM10.2 million 3. Tripoli Bhd sold, on credit, inventories to Milan Bhd at an invoice price of RM1.5 million Milan Bhd still kept RM0.6 million of the inventories as at the year end. The rest of the inventories were sold, on cash basis, to Milan Bhd's customers at 40% margin. Milan Bhd used 50% of the proceed to partly pay the amount due to Tripoli Bhd. Bari Bhd sold goods to Tripoli Bhd on 1 November 2020. Tripoli Bhd still kept the inventories as at the year end. However, Tripoli Bhd had paid 100% of the invoice price of RM1 million. 5 Tripoli Bhd disposed off a piece of industrial land to Bari Bhd at RM5 million. The land was acquired many years ago at RM1.5 million and had been revalued twice to RM3 million and RM4 million respectively. 6 Milan Bhd leased for free a machine to Tripoli Bhd since July 2020. However, according to the lease agreement between them, Tripoli Bhd was required to repair the machine so that the original condition, when it was leased, was maintained. Tripoli Bhd incurred repair cost of RM0.6 million 7. 38.5% of Tripoll Bhd's bills payable were in favour of Milan Bhd. Milan Bhd had discounted 100% of the amount to its suppliers, all who were non-related entities & On 31 December 2020. goodwill on the acquisition of Milan Bhd was impaired by RM1.5 million Investment included those with subsidiaries, associate company and third parties. 10. Sales of goods between members of the group attracted 20% margin. 11. All profits were deemed to accrue evenly throughout the financial years. 12. Tripoli Bhd valued the non-controlling interest using the partial goodwill method. Required: Prepare the Consolidated Statement of Financial Position of Tripoli Bhd as at 31 December 2020 (25 marks) )