On January 1, 2013, Sculptor Ltd. acquired all the share capital (cum div.) of Virgo Ltd., giving in exchange 50,000 shares in Sculptor, with a fair value at acquisition date of $5 per share. The retained earnings of Virgo at that date were $50,000. Costs incurred in undertaking the acquisition amounted to $10,000. The dividend payable at the acquisition date was paid in February 2013. At December 31, 2013, the statement of financial position of Virgo was as follows:

The recorded amounts of Virgo€™s identifiable assets and liabilities at the acquisition date were equal to their fair values. Virgo had not recorded an internally developed trademark. Sculptor valued this at $20,000. It was assumed to have a four-year life.
The tax rate is 30%.
Required
Prepare the consolidated statement of financial position as at December 31, 2013.

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statement of Financial Position as at December 31, 2013 SculptorVirgo $125,000 Sculptor $400,000 Virgo $150,000 Plant and equipment $218,000 Share capital (Sculptor 500,000 shares, Virgo 150,000 shares) Retained earnings Dividend payable Other liabilities Goodwill Current assets 0 175,000 Investment in Virgo240,000 540,000 6,000 44,000 $268,000 100,000 30,000 10,000 540,000 84,000 10,000 24,000 $268,000