Pls help me solving this excercise P5.10. Thanks all very much!!

1,670,000 1,630,000 Fair value of non-controlling interests as at 1 January 20x4 was $180,000. The financial statements for the year ended 31 December 20x6 are shown below: Partial Income Statement and Statement of Changes in Equity For the Year Ended 31 December 20x6 P Co Y Co Profit before tax .... $2,000,000 $ 700,000 Tax. . .... (400,000) (140,000) Profit after tax ...... . $1,600,000 $ 560,000 Dividends declared. .. ... (120,000) (100,000) Profit retained............... $1,480,000 $ 460,000 Retained earnings, 1 Jan 20x6... 1,450,000 670,000 Retained earnings, 31 Dec 20x6 . .... $2,930,000 $1,130,000 Statement of Financial Position As at 31 December 20x6 P Co Y Co Fixed assets, net book value .... $3,200,000 $2,900,000 Investment in Y, at cost .... .. 1,800,000 Other investments ..... ... 980,000 Amount due from P Co . .. 120,000 Inventory ...... .... 600,000 400,000 Accounts receivable. . . . ... 420,000 368,000 Cash .... . . . ...... 56,000 23,000 $7,056,000 $3,811,000 Accounts payable .... $2,506,000 $1,281,000 Amount due to Y Co .. . . ... . . . 120,000 Share capital ..... 1,500,000 1,000,000 Retained earnings. ... . ... 2,930,000 1,130,000 Revaluation reserves ... . . . 400,000 $7,056,000 $3,81 1,000 Revaluation reserves at 1 Jan 20x6 ...... $ 350,000 GROUP REPORTING IV: CONSOLIDATION UNDER IFRS 10 313 Additional information: (a) During 20x5, Y Co expensed off impairment loss so that the troubled receivables at acquisition date were written down to the recoverable amount of $130,000. No further losses were expected thereafter. (b) On 1 January 20x6, Y Co sold equipment to P Co at a transfer price of $250,000. The original cost of the equipment was $300,000 and the accumulated depreciation at the date of transfer was $112,500. Residual value was negligible. The original useful life of the equipment was eight years and the remaining useful life as at the date of transfer was three years. (c) On 1 November 20x6, P Co sold inventory to Y Co at fair value of $80,000. The carrying amount in P Co's books was $70,000. Forty percent remained unsold as at 31 December 20x6. The fair value of the remaining inventory as at 31 December 20x6 was $30,000. (d) Tax rate was 20% throughout. Recognize tax effects on fair value adjustments. Required: 1. Prepare consolidation entries for the year ended 31 December 20x6, with narratives (brief headers) and workings in accordance with IFRS 3 and IFRS 10. 2. Perform an analytical check on the balance of non-controlling interests as at 31 December 20x6, showing the workings clearly. 3. Perform an analytical check on the following consolidated amounts. Show workings clearly. (Derive the consolidated balance through a compilation of relevant entries and analytically check this number through an independent and logical process): a. Consolidated fixed assets as at 31 December 20x6 b. Consolidated inventory as at 31 December 20x6 C. Consolidated retained earnings as at 1 January 20x6 d. Consolidated retained earnings as at 31 December 20x6P5.10 Troubled receivables at acquisition, transfer of assets and consolidation P Co acquired a controlling interest in Y Co on 1 January 20x4 as follows: 90% Percentage acquired by P CO. ........ ... . .. .... ... Shareholders' equity at date of acquisition: ............ $1,000,000 Share capital. . . .. . 550,000 Retained earnings .... 120,000 Revaluation reserves... $1,670,000 312 ADVANCED FINANCIAL ACCOUNTING Book value Fair value Accounts receivable .... 170,000 130,000 Other net assets ... 1,500,000 1,500,000 Total net assets .... 1,670,000 1,630,000 Fair value of non-controlling interests as at 1 January 20x4 was $180,000. The financial statements for the year ended 31 December 20x6 are shown below: Partial Income Statement and Statement of Changes in Equity For the Year Ended 31 December 20x6 P Co Y Co Profit before tax ... $2,000,000 $ 700,000 Tax. .... (400,000) (140,000) Profit after tax . ..... . $1,600,000 $ 560,000 Dividends declared. ... (120,000) (100,000) Profit retained. ............... $1,480,000 $ 460,000 Retained earnings, 1 Jan 20x6.... 1,450,000 670,000 Retained earnings, 31 Dec 20x6 ..... $2,930,000 $1,130,000 Statement of Financial Position As at 31 December 20x6 P Co Y C Fixed assets, net book value ...... $3,200,000 $2,900,000 Investment in Y, at cost .. 1,800,000 Other investments . . ..... 980,000 Amount due from P Co .... 120,000 inventory .. ..... 600,000 400,000 Accounts receivable. 420,000 368,000 Cash . .. . . . . ...... 56,000 23,000 $7,056,000 $3,81 1,000 Accounts payable ..... $2,506,000 $1,281,000 Amount due to Y Co .... 120,000 Share capital ...... 1,500,000 1,000,000 Retained earnings. .... . . ... 2,930,000 ,130,000 Revaluation reserves .. 400,000 $7,056,000 $3,81 1,000 Revaluation reserves at 1 Jan 20x6 .......... $ 350,000