Answer the following.

Please do show all your workings as well as the consolidated statement of financial position on the paper provided On 1 January 2014 Parent plc acquired 100% of the equity shares in Subsid plc for $72,000 to gain control. The retained earnings of the Subsid plc at 1 January 2014 were $9,600. The fair value of the land in Subsid plc was $3,000 above book value. During the year Parent plc sold some of its inventory to Subsid plc for $8,400, which represented cost plus a mark-up of 40%. Some of these goods, 80%, are still in the inventory of Subsid plc at 31 December 2014. The statements of financial position of the two companies as at 31 December 2014 are shown below. Parent plc Subsid plc Non-Current Assets 50,000 63,000 Investment in Subsid plc 72,000 Current Assets Inventories 3,800 9,600 Parent Current Account 19,200 Other Current Assets 9,600 32,400 Current Liabilities Subsid. Current Account 19,200 Other Current Liabilities 25,000 15,000 Net Current Assets 7,600 7,800 Net Assets 129.600 70.800 Equity Share Capital 57,600 50,400 Retained Earnings 72.000 20.400 129.600 70.800 Required: Prepare a consolidated statement of financial position for Parent plc as at 31 December 2014