On 1 January 2019, Red Berhad acquired 80% of Velvet Berhad ordinary share capital. As at 31 December 2019, as a result of trading during the year, Red Berhad receivables balance included an amount due from Velvet of RM4,600. The extracted amount from their individual statements of financial position as below: Red Berhad Velvet Berhad Current assets: Receivables RM50,000 RM30,000 Current liabilities: Payables RM70,000 RM42,000 Required: a) Describe the consolidation procedures for above situation. (6) b) Determine the consolidated amount should be shown for receivables and payables. (14)