On December 31, Year 1, P Company purchased 80% of the outstanding shares of S Company for $5,500 cash. The statements of financial position of the two companies immediately after the acquisition transaction appear below. Plant and equipment (net) Investment in S Company Inventory Accounts receivable Cash Ordinary shares Retained earnings Long-term liabilities Other current liabilities Accounts payable P Company Carrying Amount $ 8,500 S Company Carrying Amount $ 4,700 Fair Value $ 3,600 5,500 5,560 4,400 4,700 3,950 2,200 2,200 2,300 1,450 1,450 $ 25,810 $ 12,750 $ 10,900 $ 3,400 8,810 3,650 3,500 2,400 2,400 1,600 2,200 2,200 1,000 1,100 1,100 $ 25,810 $ 12,750 Required: (a) 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