On January, 2007, Company purchased 90% of the outstanding common stock of S company for JD 180000. S equity did not change through the year. Any difference between cost and book value of equity is attributable to land. On Dec 31, 2007 the trial balances of the two companies were as follow: P S Cash 65000 25000 Accounts receivables 40000 30000 Inventory 25000 15000 Equipments 110000 85000 Land 48500 45000 Investment 175500 dividends declared 20000 15000 Cost of goods sold 150000 60000 operating expenses 35000 15000 total debits 669000 290000 accounts payable 20000 15000 other liabilities 15000 25000 capital - C.S 200000 120000 other contributed capital 70000 20000 retained earnings 1/1/2007 55000 25000 sales 300000 85000 equity in S income 9000 total credits 669000 290000 A - Prepare the consolidated financial statements at the end of year 2007. assuming and difference between the implied and book values is attributable to land b- Prepare the consolidated financial statements on Dec 31, 2008, assuming that the trial balances on that date were as follow: P s cash 70000 10000 Accounts receivables 60000 35000 inventory 40000 30000 equipments 125000 90000 land 48500 45000 investment 184500 dividends declared 20000 15000 Cost of goods sold 160000 65000 operating expenses 35000 20000 total debits 743000 310000 accounts payable 16500 16000 other liabilities 15000 24000 capital - C.S 200000 120000 other contributed capital 70000 20000 retained earnings 1/1/2008 159000 20000 sales 260000 110000 Quity in S income 22500 total credits 743000 310000