Please show working and explanation

QUSTION1 Your whit form teacher, aflet discuning and woiling a sum ber of conolideled queitioas wath imformatioe re gerching an acyuistlino by Loec Moudetin Co on Decenter 1, 2017. The company frice of four shwert in Long Movetain Co for tix Moqued al wuere ia Mota Heletes Ce At the daie of ary dsitiot, the retained expings of Mena liteidiss Co were 53,000 , 600. Lone Mountais the pinchase griot. The draft ratements of ficancial peation of the twe compeniea as at May 31, Aoll are camping armouris except for oue of as plant which had a fair velue of 53,000.600 atove the currying amouat, The cocipany uses straidtr line depecciation to deprecate this plaet bools of Mowa Ileightr Co. (ii) Lonc Mounwin Co's policy is to valio the noo-cuotreling interest it fair value at the date of acquinition abd it is thought that a share polee for Moen Heights Co. of \$1. 30 each (43) A May 31, 2018, Long Moumain Co bad lam soock \$2,300.000 worth of goodr boushr froe Mona He itht Co wtich ware anpplied at a makk-4p on cork of 15% (iv) The financial asset equity investnents of Long Mountain Co and Mona Heigts Ce are earried af their fair valuen at December 1, 2017, At May 11, 20I8, these bad fair values of 517,000,000 and 58,000,000 respectively. (v) Meon Heights Co. had 5500,000 in its trade roceivable at May 31, 2018 which is owed try Eone Mountrin Co. However, this amourt did not agree with Lohe Morathin's tretide payakles doe to $100,000 which was paid by Long Mocetaln Co but is in transit to Mana Heights Co. (vi) There is no impalnment to goodwill at May 31,2018 . Page 2 af 5 Required: a) Prepare the consolidated statement of financial position for Long Mountain Co as at May 31, 2018. (24 marks) b) Based on information the tencher shared in class regarding an associate, which is an entity in which an investor has significant influence over the investee, she also asked you to state which two of the following statements indicate the presence of significant influence? i) The investor owns 330,000 of the 1,500,000 equity voting shares of the investee ii) The investor has representation on the board of directors of the investee iii) The investor is able to insist that all of the sales of the investee are made to a subsidiary of the investor iv) The investor controls the votes of a majority of the board members (1 mark) QUSTION1 Your whit form teacher, aflet discuning and woiling a sum ber of conolideled queitioas wath imformatioe re gerching an acyuistlino by Loec Moudetin Co on Decenter 1, 2017. The company frice of four shwert in Long Movetain Co for tix Moqued al wuere ia Mota Heletes Ce At the daie of ary dsitiot, the retained expings of Mena liteidiss Co were 53,000 , 600. Lone Mountais the pinchase griot. The draft ratements of ficancial peation of the twe compeniea as at May 31, Aoll are camping armouris except for oue of as plant which had a fair velue of 53,000.600 atove the currying amouat, The cocipany uses straidtr line depecciation to deprecate this plaet bools of Mowa Ileightr Co. (ii) Lonc Mounwin Co's policy is to valio the noo-cuotreling interest it fair value at the date of acquinition abd it is thought that a share polee for Moen Heights Co. of \$1. 30 each (43) A May 31, 2018, Long Moumain Co bad lam soock \$2,300.000 worth of goodr boushr froe Mona He itht Co wtich ware anpplied at a makk-4p on cork of 15% (iv) The financial asset equity investnents of Long Mountain Co and Mona Heigts Ce are earried af their fair valuen at December 1, 2017, At May 11, 20I8, these bad fair values of 517,000,000 and 58,000,000 respectively. (v) Meon Heights Co. had 5500,000 in its trade roceivable at May 31, 2018 which is owed try Eone Mountrin Co. However, this amourt did not agree with Lohe Morathin's tretide payakles doe to $100,000 which was paid by Long Mocetaln Co but is in transit to Mana Heights Co. (vi) There is no impalnment to goodwill at May 31,2018 . Page 2 af 5 Required: a) Prepare the consolidated statement of financial position for Long Mountain Co as at May 31, 2018. (24 marks) b) Based on information the tencher shared in class regarding an associate, which is an entity in which an investor has significant influence over the investee, she also asked you to state which two of the following statements indicate the presence of significant influence? i) The investor owns 330,000 of the 1,500,000 equity voting shares of the investee ii) The investor has representation on the board of directors of the investee iii) The investor is able to insist that all of the sales of the investee are made to a subsidiary of the investor iv) The investor controls the votes of a majority of the board members (1 mark)