On December 31, Year 1, P Company purchased 80% of the outstanding shares of S Company for $8,560 cash. The statements of financial position of the two companies immediately after the acquisition transaction appear below. P Company Carrying Amount S Company Carrying Amount $ 8,900 Fair Value $ 7,400 Plant and equipment (net) Investment in S Company Inventory Accounts receivable Cash Ordinary shares Retained earnings Long-term liabilities Other current liabilities Accounts payable $ 10,100 8,560 7,160 5,800 6,400 7,150 3,800 3,800 5,500 3,050 3,050 $ 38,470 $ 21,550 $ 12,500 $ 5,000 18,070 6,050 4,000 4,000 4,000 2,000 3,800 3,800 1,900 2,700 2,700 $ 38,470 $ 21,550 Required: (a) Calculate consolidated goodwill at the date of acquisition under the proportionate consolidation method. Consolidated goodwill (b) Prepare a consolidated statement of financial position in order of liquidity i.e starting with cash at the date of acquisition under each of the following: (i) Identifiable net assets method P Company Consolidated Statement of financial position December 31, Year 1 Assets