The statements of financial position for Cindy and Payson as at 31 December 20X1 are pre

sented below:AssetsCindyPaysonNon-current assets$$Property, plant and equipment270,000179,000investment300,000---Current assets Inventories95,00050,000Trade and other receivables110,00099,000Cash and cash equivalents8,00051,000Total Assets783,000379,000Equity and liabilities Equity Share capital80,00040,000Ruation surplus20,00010,000Retained earnings435,000209,000Liabilities Long-term loans200,00070,000Trade and other payables48,00050,000Total equity and liabilities783,000379,000 The following notes are relevant to the preparation of the consolidated financial statements:1) Cindy acquired 75% of the ordinary shares of Payson for $300,000 several years ago. At the acqu isition date, the retained earnings of Payson were $120,000 and ruation surplus was $10,000. The fair value of the non-controlling interest at the date of acquisition was $55,000.