please clear write

Example 6: Consolidated financial statements - 2 years- Cost Method On January 1, 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 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 Cash 91000 31000 Accounts receivables 56000 32000 Inventory 38000 48500 Equipments 124000 80000 Land 29000 34000 Investment 135000 dividends declared 20000 20000 Cost of goods sold 155000 52000 operating expenses 30000 18000 total debits 678000 315500 accounts payable 12500 16000 other liabilities 15000 14500 capital - C.S 180000 120000 other contributed capital 60000 15000 Aretained earnings 1/1/2008 152500 30000 Sales 240000 120000 dividends income 18000 total credits 678000 315500