The financial statements of Company Permanent and its subsidiary Company Senior are shown below. Statement of Financial Position As at 31 December 2019 Permanent Senior $ Investment in Senior Other net assets 450,000 4,653,400 5,103,400 605,550 605,550 Share capital Retained earnings 2,350,000 2,753,400 5,103,400 300,000 305,550 605,550 Income Statement and Partial Statement of Changes in Equity For the Year Ended 31 December 2019 Permanent Senior 3,300,000 (3,139,450) Sales Cost of sales Dividend income from Senior Profit before tax 10,000,000 (9,000,000) 24,000 1,024,000 (220,000) 804,000 2,050,000 (100,600) 2,753,400 Profit after tax Retained earnings, 1 January 2019 Dividends declared Retained earnings, 31 December 2019 160,550 (35,000) 125,550 210,000 (30,000) 305,550 (A) Permanent acquired 80% of interest in Senior on 1 January 2017 when the shareholders' equity of Senior was as follows: Share capital Retained earnings $300,000 $130,000 Fair value of identifiable net assets of Senior was close to the book value. (B) Non-controlling interest is calculated on a fair value basis, and it was $112,000 on 1 January 2017 (C) Goodwill impairment was $60,000 in 2018 and $50,000 in 2019. (D) Intercompany sales from Senior to Permanent during 2019 was $90,000. Cost to Senior was $60,000. All the purchase was still kept by Permanent as at 31 December 2019. Required: a. Prepare the consolidation adjustment and elimination entries for the year ended 31 December 2019. Show all relevant workings. Worksheets are not required. (19 marks) b. Prepare the Consolidated Statement of Financial Position as at 31 December 2019 and the Income Statement and Partial Statement of Changes in Equity for the year ended 31 December 2019. Worksheets are required