I am having trouble getting my consolidated balance sheet to balance on the below question. Below i have pasted the question and i have attached my answer as an image as it wont let me attach my excel file. Can you help me balance.

Question

On January 1, 20X8, Liv Ltd. (LL), a Canadian company, acquired 90% of Marcus Co. (MC), a foreign company for FC 623,200. At the acquisition date, the carrying value of MC's net assets equaled their fair value except for the equipment, which had a carrying value of FC 800,000 and a fair value of FC 880,000. At the acquisition date, MC's equipment had a remaining useful life of 10 years. There was an FC 4,000 impairment of the goodwill which occurred evenly throughout 20X8. Selected financial statements for LL and MC are presented below.

Liv Ltd.

Statement of Financial Position

As of December 31, 20X8 (in $ CDN)

Assets:

Noncurrent assets:

Plant and equipment, net2,752,000

Investment in Marcus Co.1,371,040

4,123,040

Current assets:

Inventory1,376,000

Accounts receivable700,000

Cash and cash equivalents562,080

2,638,080

Total assets6,761,120

Shareholders' Equity:

Share capital1,376,000

Retained earnings2,601,520

3,977,520

Liabilities:

Noncurrent liabilities:

Notes payable1,860,000

Current liabilities:

Accounts payable and accrued liabilities 923,600

Total liabilities2,783,600

Total shareholders' equity and liabilities6,761,120

Liv Ltd.

Statement of Income

For the year ended December 31, 20X8 (in $ CDN)

Sales16,472,000

Dividend income180,080

16,652,080

Cost of sales8,256,000

Other expenses*7,124,00015,380,000 *includes depreciation

Net income1,272,080

LL declared and paid dividends of $928,000 CDN on December 31, 20X8.

Marcus Co.

Statement of Financial Position (in FC)

Dec. 31,Jan. 1

20X820X8

Noncurrent assets:

Equipment, net720,000800,000

Current assets:

Inventory484,000364,000

Accounts receivable408,000280,000

Cash360,000164,000

1,252,000808,000

Total assets1,972,0001,608,000

Shareholders' equity:

Share capital400,000400,000

Retained earnings390,000146,000

790,000546,000

Liabilities:

Noncurrent liabilities:

Notes payable640,000640,000

Current liabilities:

Accounts payable542,000422,000

Total liabilities1,182,0001,062,000

Total shareholders' equity and liabilities1,972,0001,608,000

Marcus Co.

Statement of Income

For the year ended December 31, 20X8 (in FC)

Sales8,400,000

Cost of sales5,304,000

Other expenses*2,688,0007,992,000 *includes depreciation

408,000

Marcus Co.

Statement of Changes in Equity - Retained Earnings Section

For the year ended December 31, 20X8 (in FC)

Retained earnings, January 1, 20X8146,000

Net income408,000

Dividends declared(164,000)

Retained earnings, December 31, 20X8390,000

MC declared and paid FC164,000 in dividends on December 31, 20X8.

Selected Exchange Rates

January 1, 20X8FC1 = $2.20 CDN

December 31, 20X8FC1 = $2.44 CDN

Date when ending inventory was purchasedFC1 = $2.38 CDN

Average rate for 20X8FC1 = $2.32 CDN

Required:

a)Prepare consolidated financial statements at December 31, 20X8 under each of the following assumptions:

i)the functional currency is $CAD, and

ii) the functional currency is the FC.

b)Assume that LL is a private company and reports under ASPE. LL uses the equity method to report its investment in MC. LL's functional currency is $CAD.Calculate LL's Investment in Marcus Co.'s account at December 31, 20X8.There is no need to prepare financial statements.

My Answer: