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PROBLEM No. 1 The adjusted trial balances of Parker Corporation and Smith Corporation at December 31, 2019 as follows: Parker Smith Current Assets P 240,000 100,000 Plant assets - net 500,000 300,000 Investment in Smith 420,000 Cost of Sales 300,000 300,000 Other Expenses 100,000 50.000 Dividends 50.000 P 1.610.000 P 750.000 Liabilities P 450,000 P 210,000 Ordinary Share Capital 300,000 50,000 Retained Earnings 340,000 90,000 Sales 500.000 400,000 Income from Smith 20.000 P 1.G10,000 P 750.000 Parker purchase all the shares of Smith for P 400,000 cash on January 1, 2019 when Smith's shareholders' equity consisted of P 50,000 capital stock and P 90,000 retained earnings. Smith's assets and liabilities were fairly valued except for inventory items that were undervalued by P 20,000 and sold in 2019, and plant assets that were undervalued by P 40,000 and had remaining useful life of 4 years from the date of acquisition. Prepare consolidated financial statements for Parker Corporation and its subsidiary at December 31, 2019