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Redcliff Ltd acquired the entire share capital of ABC Ltd for $18,000 cash on 31 December 20X4. The balance sheets of the two companies as at that date were as follows: Redcliff Ltd ABC Ltd $ $ $ Current assets 240,000 28,800 Non-current assets: Investment in ABC at cost 18,000 Other asset 96,000 114,000 9,600 Total assets 354,000 38,400 Current liabilities 198,000 20,400 Net assets 156,000 18,000 Paid-up capital 120,000 12,000 Retained profits 36,000 6,000 Owners' equity 156,000 18,000
Required:
Question 1: Prepare the consolidated balance sheet of Redcliff Ltd and its subsidiary as at 31 December 20X4.
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