On January 1, Year 1, Popa Inc. acquired 100% of the outstanding common shares of Montreal Lid. for a total cost of $6,700. Coincidently, the carrying amounts of Montreal's assets and liabilities were equal to their fair values on this date. The year 1 financial statements for Popa and Montreal were as follows: INCOME STATEMENTS For year ending December 31, Year 1 Popa Montreal Sales $ 13, 090 $ 4,400 Equity method income 800 Total income 13, 800 4, 406 Cost of goods sold 10, 106 2,906 Other expenses 1, 400 700 Total expenses 11, 500 3, 600 Profit $ 2,300 $ 806 STATEMENTS OF FINANCIAL POSITION December 31, Year 11 Popa Montreal Land $ 5,000 $ 1,500 Plant and equipment, net 19, 200 12, 200 Investment in Montreal 7,090 Current assets 3, 300 2,700 Total assets $ 34,500 $ 16, 400 Ordinary shares $ 10, 000 $ 2,400 Retained earnings 10, 600 4,600 Long-term liabilities 8,090 5,500 Current liabilities 5,900 3,906 Total equity and liabilities $ 34,500 $ 16, 400 Additional Information . Popa uses the equity method to account for its investment in Montreal. . Montreal paid dividends of $500 in Year 1.Required: (a) Prepare consolidated financial statements for Year 1. (Input all values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.) Aftributable to: Shareholders of Popa Mon-controlling interests Popa Inc. Consolidated Statement of Financial Position December 31, Year 1 Assets Total assets Liabilities and Equity Total equity & liabilitiesX Answer is not complete. Popa Inc. Consolidated Statement of Profit For the Year Ended, December 31, Year 1 Sales $ 13,000 X Cost of goods sold (10,100) X Other expenses V (3,600) X 26,700 Attributable to: Shareholders of Popa 2,300 Non-controlling interests 2,300