On 1 April 20X0, Woolwich paid USD816,000 for 80% of Malta’s USD408,000 share capital. Malta’s retained earnings at that date were USD476,000. At 31 March 20X1 the retained earnings of the companies are: USD000 Woolwich 1,224 Malta 680Woolwich’s inventory includes goods purchased from Malta for USD18,000. Malta makes a profit at 20% on the cost of all goods sold to Woolwich.What are the retained earnings in the consolidated statement of financial position of Woolwich as at 31 March 20X1?
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