On 1 July 2019 (DOA), Hilluison (Parent Ltd) acquired 80%of the ordinary share capital of Skeptik (Subsidiary Ltd) at a cost of $11,280,000.

Income Statement of both companies are:

Income statements: Year to 31 March 2020

	Hilluision $000	Skeptik $000
Sales Revenue	60,000	24,000
Cost of Sales	(42,000)	(20,000)
Gross Profit	18,000	4,000
Operating Expenses	(6,000)	(200)
Loan Interest Received (paid)	75	(200)
Operating Profit	12,075	3,600
Taxation	(3,000)	(600)
Profit after tax for the year	9,075	3,000
Accumulated profit brought forward	16,525	5,400
Accumulated profit per balance sheet	25,600	8,400

Statement of Financial Position as at 31 March 2020

	Hilluson	Skeptik
Tangible Non-Current Assets	19,320	8,000
Investments: Skeptic shares	11,280	Nil
	30,600	8,000
Current Asset	15,000	8,000
Total Assets	45,600	16,000
Equity and Liabilities
Ordinary Shares of $1 each	10,000	2,000
Accumulated Profits	25,600	8,400
	35,600	10,400
Non-Current Liabilities
10% Loan Notes	Nil	2,000
Current Liabilities	10,000	3,600
Total Equity and Liabilities	45,600	16,000

The following information is relevant:

Revaluation:

(i) The fair values of Skeptiks assets were equal to their book values with the exception of its Plant which had a fair value of $3.2 million in excess of its book value at the date of acquisition. The remaining life of Skeptiks Plant at the date of acquisition was four years and this period has not changed as a result of the acquisition. Skeptik has not adjusted the value of its plant as a result of the fair value exercise

Pre & Post Acquisition profit:

(ii) Revenue and profits should be deemed to accrue evenly throughout the year.

Required:

Prepare a consolidated statement of financial position for Hilluision for the year to 31St March 2020.