AP13-9A (Acquisition of a 100%-owned subsidiary) On June 18, 2020, Down Company purchased 100% ownership of Topp Company for $3,560,000. Immediately prior to the purchases, the companies reported the following amounts: Total Assets Total Liabilities Total Shareholders' Equity Down Company $12,900,000 $5,250,000 $7,650,000 Topp Company 5,670,000 3,140,000 2,530,000 The acquisition differential was related to the following differences between the fair values and carrying amounts of: Fair Value Carrying Amount Inventory $ 910,000 $ 680,000 Building 1,500,000 1,400,000 Land 1,990,000 1,700,000 The balance was related to goodwill. Required: Assuming that Down Company prepares a consolidated statement of financial position immediately after the purchase of Topp Company, answer the following questions: a. What amount of total assets will be reported? b. What amount of total liabilities will be reported? c. What amount of total shareholders' equity will be reported? d. Why is it necessary to eliminate the balance in the account for Down's Investment in Topp Company when preparing a consolidated statement of financial position