Question Two: Party Corporation acquired a 100% interest in Salta Company on January 1, 2020, paying OMR170,000. Financial statement data for the two companies for the year ended December 31, 2020 follow: 2020 Pasta OMR 480,000 295,000 50,000 4,000 Salta OMR 160,000 110,000 32,000 0 82,000 139,000 18,000 21,000 18,000 4,000 Income Statement Sales Cost of goods sold Other expense Dividend income Retained earnings Balance, 1/1 Net income Dividends declared Statement of Financial Position Cash Accounts receivable Inventory Investment in Salta Company Land Total assets Accounts payable Common stock Retained earnings Total equity and liabilities 92,000 78,000 53,000 150,000 5,000 378,000 35,000 140,000 203,000 378,000 45,000 60,000 42,000 0 14,000 161,000 16,000 110,000 35,000 161,000 Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2020. Any difference between the book value of equity acquired and the value implied by the purchase price relates to subsidiary land. Important note: To answer this question, you must open the excel file called "Question2_Answer Sheet" which is attached in the assessment folder