Question 2 (17 marks) On January 2, 2020, Parker Company purchased 100% of the outstanding ordinary shares of Pocket Company for $1,470,000. After the purchase, the statements of financial position of the two companies appeared as follows: Parker Pocket Company Company Assets Land $175,000 $280,000 Buildings (net) $525,000 $595,000 Equipment $280,000 $105,000 Investment in Pocket 's ordinary shares $1,470,000 Accounts Receivable $35,000 $70,000 Current assets $70,000 $70,000 Totals $2.555.000 $1.120.000 Liabilities and Equity Share capital-Parker $1,295,000 Share capital Pocket $700,000 Retained earnings-Parker $840,000 Retained earnings-Pocket $210,000 Notes Payable $210,000 $105,000 Accounts Payable $210,000 $105,000 Totals $2,555.000 $1.120.000 An analysis showed that the fair value of the assets of Pocket Company on January 2, 2020 as follows: Assets Land Buildings (net) Equipment Accounts Receivable Cash Fair value $420,000 $735,000 $280,000 $70,000 $70,000 Required a) Prepare the worksheet for preparing a consolidated statement of financial position on the date of acquisition. You may add accounts to the worksheet that may be necessary. (9 marks) b) Prepare a consolidated statement of financial position for Parker Company and subsidiary on January 2, 2020. (8 marks)