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| Passive Passive acquired 800,000 of Soft's $1 ordinary shares on 1 October 20X4 for $2.5 million. One year later, on 1 October 20X5, Passive acquired 200,000 $1 ordinary shares in Active for $800,000. The statements of financial position of the three companies at 30 September 20X6 are shown below:   The following information is relevant: (i) The balance of the retained earnings of the three companies were:  (ii) At the date of its acquisition the fair values of Soft's net assets were equal to their book values with the exception of a plot of land that had a fair value of $200,000 in excess of its book value. (iii) On 26 September 20X6 Passive processed an invoice for $50,000 in respect of an agreed allocation of central overhead expenses to Soft. At 30 September 20X6 Soft had not accounted for this transaction. Prior to this the current accounts between the two companies had been agreed at Soft owing $70,000 to Passive (included in trade receivables and trade payables respectively). (iv) During the year Passive sold goods to Active at a selling price of $140,000 which gave Passive a profit of 40% on cost. Active had half of these goods in inventories at 30 September 20X6. (v) Passive elected to messure the non-controlling interests in Soft at fair value at the date of acquisition. The market price of Soft’s shares at the date of acquisition by Passive was $3. (vi) An impairment review conducted at the year end revealed cumulative impairment losses of $90,000 relating to the recognised goodwill of Soft. No impairment loss adjustments are necessary relating to the investment in Active. (a) Prepare the consolidated statement of financial position of Passive as at 30 September 20X6. (20 marks) |