Additional information i) Paper acquired 80% shares of Scissor on the 1st of January 2020. Total consideration

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Question:

The following are the statement of financial position of Paper and Scissor as on 31st December, 2020 $ in millions Paper Scis

Additional information
i) Paper acquired 80% shares of Scissor on the 1st of January 2020. Total consideration given was $520 million which included a fees of $10 million which was not adjusted.
ii) Net assets on the date of acquisition equal to fair value except an intangible given below in (iii)
iii) An intangible asset whose fair value was $40 million and carrying value was $25 million on the date of acquisition. Remaining useful life on intangible asset is 5 years. Impairment test at the end of the year resulted in the value of $28 million for the intangible asset.
iv) Paper values non-controlling interest at fair value. The market price of Scissor's shares was $36 at the date of acquisition, which has increased to $40 at year end.
v) Paper made a net profit of $ 200 million and Scissor made a net profit of $60 million for the year ended 31st December 2020.
vi) Scissor gave a short term loan to Paper on 1st July 2020 at an interest rate of 10% per year. Payment of $30 million which included $6 million of interest was sent by Paper at the end of December 2020 but was not received by Scissor. Scissor has not accrued the interest on its financial statements.
Intercompany loans have to be eliminated on consolidation, Interest payment sent is similar to cash in transit and Scissor has to account for interest income in 2020
vii) On 1st May 2020 Scissor sold an equipment to Paper for $52 million at a gain of $12 million but Paper has not paid for this equipment as of year end. The remaining useful life of the machine at the time of disposal was 2 years.

viii) During the year, Paper made sales of $250 million to Scissor at 20% above cost. 60% of these goods are included in Scissor’s ending inventory.
ix) Scissor declared interim dividend of 20 million in September 2020 which was paid in January 2021. Paper and Scissor have recorded for the dividends correctly in their books.

Required: Prepare consolidated statement of financial position for Paper as at 31 December 2020