The following case shows the financial position of a parent company (Par) and its subsidiary company (Sub) on November 30, 2019, just after the parent had purchased 90% of the subsidiary's stock: Current assets Investment in s Company Long term assets Other assets Total asset Current liabilities Long term liabilities Common stock Retained earnings Total equities Par (OMR) Sub (OMR) 780,000 280,000 190,000 1,200,000 400,000 70.000 70.000 2.240.000 750.000 700,000 260,000 920,000 270,000 600,000 180,000 20.000 40.000 2.240.000 750,000 Required: a. Prepare a computation and allocation of Difference between implied value and book value for Par Co. b. Prepare consolidated financial statement workpaper for year ending 30th November 2019 for Par Co and subsidiary. A template is provided for you in the answer sheet marked in red as A template to answer Question Two (b) to answer this part. You need to fill in the relevant spaces with correct answers a. This table for section Al Parent share Non- controlling share Entire value Purchase price and implied value Less: Book value of equity acquired Difference between implied and book value Goodwill Balance A template to answer Question (b) Consolidated financial statement Worksheet, November 30, 2019 PAR COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2019 OMR OMR OMR OMR OMR Par Sub Eliminations Noncontrolling Company Company Dr. Cr. Interest OMR Consolidated Balance 280,000 780,000 190,000 Current Assets Investment in Sub Company Difference between Implied & Book Value Long-term Assets Other Assets Total Assets 1,200,000 70,000 2,240,000 400,000 70,000 750,000 700,000 920,000 260,000 270,000 600,000 180,000 Current Liabilities Long-term Liabilities Common Stock: Par Company Sub Company Retained Earnings Par Company Sub Company Noncontrolling Interest Total Liabilities and Equity 20,000 40,000 2,240,000 750,000