On January1, 2007, P Company purchased 90% of the outstanding common stock of S company for JD 135000. below are the trial balances of P&S as on Dec 31, 2007: P S cash 91000 35000 Accounts receivables 31500 28000 inventory 30000 16000 equipments 105000 82000 land 29000 34000 investment 135000 dividends declared 20000 25000 Cost of goods sold 130000 40000 operating expenses 20000 15000 total debits 591500 275000 accounts payable 19000 10000 other liabilities 10000 20000 capital - C.S 180000 120000 other contributed capital 60000 15000 retained earnings 1/1/2007 40000 20000 sales 260000 90000 dividends income 22500 total credits 591500 275000 ha A Prepare the consolidated financial statements at the end of year 2007 assuming any difference between the implied value and the book value is attributable to S company's land... b- Prepare the consolidated financial statements on Dec 31, 2008, assuming that the trial balances on that date were as follow: P S 31000 32000 48500 80000 34000 Cash Accounts receivables Inventory Equipments Land Investment dividends declared Cost of goods sold operating expenses total debits accounts payable other liabilities capital - C.S other contributed capital Aretained earnings 1/1/2008 Sales dividends income total credits 91000 56000 38000 124000 29000 135000 20000 155000 30000 678000 12500 15000 180000 60000 152500 240000 18000 678000 20000 52000 18000 315500 16000 14500 120000 15000 30000 120000 w 315500