The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows:

	E Ltd.			J Ltd.
Cash and receivables	$	96,050		$	19,600
Inventory		57,100			9,050
Plant assets (net)		228,200			70,600
Intangible assets		24,050			6,100
	$	405,400		$	105,350
Current liabilities	$	63,100		$	30,100
Long-term debt		97,600			45,200
Common shares		153,200			46,600
Retained earnings (deficit)		91,500			(16,550	)
	$	405,400		$	105,350

On December 31, Year 6, E Ltd. issued 483 shares, with a fair value of $40 each, for 70% of the outstanding shares of J Ltd. Costs involved in the acquisition, paid in cash, were as follows:

Costs of arranging the acquisition	$	2,510
Costs of issuing shares		1,620
	$	4,130

The carrying amounts of J Ltd.s net assets were equal to fair values on this date except for the following:

	Fair value
Plant assets	$	65,050
Long-term debt		40,200

E Ltd. was identified as the acquirer in the combination.

Required: (a) Prepare the consolidated balance sheet of E Ltd. on December 31, Year 6. under the identifiable net assets method. Answer is complete but not entirely correct. E Ltd. Consolidated Balance Sheet December 31, Year 6 Assets Cash and receivables S 111.520 Inventory 68.150 Plant assets 298.800 x Intangible assets 30.150 Goodwill xls 2.415 X S 509.035 Liabilities and Equity Current liabilities S 93,200 Long-term debt 142.800 X Common shares 172.520 X Retained earnings 91.500 X Non-controlling interest 9.015 X OOOO S 509.035 (b) Prepare the consolidated balance sheet of E Ltd. on December 31, Year 6, under the fair value enterprise method. Answer is complete but not entirely correct. E Ltd. Consolidated Balance Sheet December 31, Year 6 Assets Cash and receivables s 111,520 Plant assets 293,250 Intangible assets 30,150 Inventory 68,150 Goodwill 2,800 s 503,870 Liabilities and Equity Current liabilities $ 93,200 Long-term debt 137,800 Common shares 172,520 X Retained earnings 91,500 X Non-controlling interest 8.850 X Oooo S 503,870