Q.5.P Corporation paid O.R 420,000 for 70% ownership in S Company on December 31, 2015, when S Corporation's stockholders' equity was made up of O.R 300,000 of Common Stock, O.R 90,000 of Other Contributed Capital and O.R 60,000 of Retained Earnings. S's identifiable assets and liabilities reflected their fair values on December 3, 2015, except for S's inventory which was undervalued by O.R 60,000 and their land which was undervalued by O.R 25,000. Balance sheets for P and S immediately after the business combination are presented in the partially completed work-paper below ng lateres Ceusteliatd ASSETS O.R 40,00 O.R 30,00 30,00 45,00 185 165 45 assets- 240,00 fference between and book value Total Assets OR 1200 OR 600,00 EQUITIES urrent O.R 170 O.R 150 apital stock 600 300 paid-in capital 150 90, 280 60. Total Equities 600.00 Instructions: Complete the consolidated balance sheet workpaper for P Corporation and Subsidiary as on Dec. 31, 2015 (10 Marks)