The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows: Cash and receivables Inventory Plant assets (net) Intangible assets E Ltd. $ 96,500 58,000 230,000 24,500 $ 409,000 $ 64,000 98,500 155,000 91,500 $ 409,000 J Ltd. $ 20,500 9,500 71,500 7,000 $ 108,500 $ 30,100 45,200 46,600 (13,400) $ 108,500 Current liabilities Long-term debt Common shares Retained earnings (deficit) On December 31, Year 6, E Ltd. issued 497 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: On December 31, Year 6, E Ltd. issued 497 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: 7 Costs of arranging the acquisition Costs of issuing shares $ 2,600 1,800 4,400 $ The carrying amounts of J Ltd.'s net assets were equal to fair values on this date except for the following: Plant assets Long-term debt Fair value $ 65,500 42,000 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. -18 Consolidated Balance Sheet December 31, Year 6 Assets 25 $ 0 Liabilities and Equity (1) Prepare the consolidated balance sheet of Eltd on December 31, Year 6, under the fair value enterprise method. E Ltd. Consolidated Balance Sheet December 31, Year 6 Assets Liabilities and Equity