Question Two (10 Marks): On July 1, 2006, P Corporation acquires 80 % of S company's common stock in a purchase business combination with $ 272,000 cash. The item of land in S's balance sheet appears $ 50,000, while its market value at acquisition date amounted $ 90,000. The balance sheets of the two companies just prior to the acquisition: Item Company P Company S Assets Current assets (cash, A/R, inventory) 400,000 110,000 Net fixed assets (equipment, building less deprecation) 400,000 200,000 Land 50,000 Total Assets 800,000 360,000 Liabilities & Owner's Equity Liabilities (A/P, notes payable, bonds payable) 280,000 60,000 Common stock 400,000 200,000 Retained earnings 120,000 100,000 Total Liabilities & Owner's Equity 800,000 360,000 Required 1. Journal entry to record acquisition of the net assets of Company S by Company P. 2. Balance sheet of Company P subsequent to asset acquisition. 3. Consolidated working sheet and Consolidated Balance Sheet.