Max Corporation has a wholly owned subsidiary, Min Ltd., which was formed several years ago. Both Max and Min are in the same business, but in different geographic areas. Min’s initial capital was provided by Max, which purchased all of Min’s shares for $ 500,000. At December 31, 20X6, the SFP accounts of Max and Min appeared as follows:

During 20X6, Min paid dividends of $ 80,000 to Max, and purchased goods from Max at a total price of $ 1,200,000. All of the purchases from Max were subsequently sold to third parties during the year.

Required

Prepare a consolidated SFP for Max Corporation at December 31, 20X6.

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Statements of Financial Position of Max and Min as at December 31, 20x6 Receivable from Mitn Property, plant, and equipment Accumulated depreciation Investment in Min TOTAL ASSETS Deferred tax liability TOTAL LIABILITIES AND EQUITY $2,700,000