Prepare consolidated statement of financial position

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Reference no: EM132477458

	P Company
	Carrying Amount
	Carrying Amount
Plant and equipment (net)	$ 9,600.00
Investment in S company	8,887.50
inventory	6,660.00
IAccounts receivable	6,150.00
Cash	4,500.00
	$35,797.50

Ordinary shares	$12,000.00
Retained earnings	15,410.00
Long-term liabilities	4,500.00
Other current liabilities	2,487.50
Accounts payable	1,400.00
	$35,797.50

Required:

Question 1: Prepare consolidated statement of financial position at the date of acquisition under each of the following:

a) Identifiable net assets method (parent company extension approach)

b) Fair value entity method.

Reference no: EM132477458

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