On December 31, Year 1, P Company purchased 80% of the outstanding shares of S Company for $7,600 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 P Company s Company Carrying Carrying Fair Amount Amount Value $ 8,900 $ 7,600 $ 6,300 7,600 5,960 4,700 5,000 4,750 2,600 2,600 3,100 1,850 1,850 30,310 $ 16,750 $ 11,300 $ 3,800 12,010 6,050 3,600 2,800 2,800 2,000 2,600 2,600 1,400 1,500 1,500 $ 30,310 $ 16,750 Ordinary shares Retained earnings Long-term liabilities Other current liabilities Accounts payable 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 P Company Consolidated Statement of financial position December 31, Year 1 Assets Liabilities Total liabilities Shareholders' equity (ii) Fair value enterprise method P Company Consolidated Statement of financial position December 31, Year 1 Assets Liabilities Total liabilities Shareholders' equity Total liabilities Shareholders' equity (b) Calculate the current ratio and debt-to-equity ratio for P Company under the identifiable net assets (INA) method and the fair value enterprise (FVE) method. (Round "Current ratio" answers to 2 decimal places and "Debt to equity ratio" answers to 4 decimal places.) INA FVE Cur ratio Debt to equity ratio