The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows: E Ltd. $ 96,000 57,000 228,000 24,000 $ 405,000 $ 63,000 97,500 153,000 91,500 Cash and receivables Inventory Plant assets (net) Intangible assets. Current liabilities Long-term debt Common shares Retained earnings (deficit) Costs of arranging the acquisition Costs of issuing shares On December 31, Year 6, E Ltd. issued 490 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: J Ltd. $ 19,500 9,000 70,500 6,000 $ 105,000 $ 30,000 45,000 46,500 (16,500) $ 405,000 $ 105,000 Plant assets Long-term debt $2,500 1,600 $4,100 The carrying amounts of J Ltd.'s net assets were equal to fair values on this date except for the following: Fair value $ 65,000 40,000 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. E Ltd. Consolidated Balance Sheet December 31, Year 6 Assets Cash and receivables Inventory Plant assets Intangible assets Liabilities and Equity Current liabilities Long-term debt Common shares Retained earnings Non-controlling interest $ $ 111,400 66,000 293,000 30,000 500,400 93,000 137,500 $ 230,500 (b) Prepare the consolidated balance sheet of E Ltd. on December 31, Year 6, under the fair value enterprise method. E Ltd. Consolidated Balance Sheet December 31, Year 6 Assets Cash and receivables Inventory Plant assets Intangible assets Liabilities and Equity Current liabilities Long-term debt Common shares Retained earnings Non-controlling interest $ $ 0 0