Craft Ltd. held 80% of the outstanding ordinary shares of Delta Corp. as at December 31, Year 12.

In order to establish a closer

  
CRAFT LTD.
STATEMENT OF FINANCIAL POSITION
at December 31, Year 12
Buildings and equipment (net) $ 784,000
Investment in Delta 423,360
Inventory 193,500
Accounts receivable 138,500
Cash 79,500
$ 1,618,860
Ordinary shares $ 480,000
Retained earnings 760,000
Mortgage payable 223,000
Accounts payable 155,860
$ 1,618,860

  
DELTA CORP.
STATEMENT OF FINANCIAL POSITION
at December 31, Year 12
Buildings and equipment (net) $ 512,000
Inventory 224,000
Accounts receivable 126,700
Cash 78,800
$ 941,500
Ordinary shares (Note 1) $ 250,000
Retained earnings 264,200
Accrued liabilities 95,600
Accounts payable 331,700
$ 941,500

Prepare a consolidated statement of financial position as at December 31, Year 12.

Craft Ltd.
Consolidated Statement of Financial Position
as at December 31, Year 12

Assets
Cash 321,225
Inventory 417,500
Accounts receivable 265,200
Buildings and equipment (net) 1,296,000
patent 72,085

Liabilities and Equity

ordinary shares 480,000
r/e 760,000
mortaggae payable 223,000
accuried liabilities 95,600
ap 487,560
NCI 162925

Notes:
Purcahse consideration for NCI-20% 162925
Purcahse consideration 423,360
Net assets 514,200
Patent 72,085
12. In order to establish a closer relationship with Nonaffiliated Corporation, a major supplier to both Craft and Delta, all three companies
and Delta, all three companies agreed that Nonaffiliated would take an equity position in Delta. Accordingly, for a cash payment of $13.30
for a cash payment of $13.30 per share, Delta issued 12,250 additional ordinary shares to Nonaffiliated on December 31, Year 12. This wa
ecember 31, Year 12. This was the last transaction that occurred on this date. Statements of financial position for the two companies just
on for the two companies just prior to this transaction were as follows: