The statements of financial position of Pork Co. and Barrel Ltd. on December 31, Year 2, are shown next:

Pork acquired 70% of the outstanding shares of Barrel on December 30, Year 2, for $329,000. Direct costs of the acquisition amounted to $12,000. The carrying amounts of the net assets of Barrel approximated fair values except for plant and equipment, which had a fair value of $320,000.
Required:
(a) Prepare a consolidated statement of financial position at December 31, Year 2, under entity theory.
(b) Calculate goodwill and non-controlling interest on the consolidated statement of financial position at December 31, Year 2, under parent company extension theory.

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Barrel Ltod $270,000 Pork Co $400,000 329,000 120,000 45,000 22,000 $916,000 $260,000 200,000 240,000 216,000 $916,000 Plant and equipment (net) Investment in Barrel Ltd Inventory Accounts receivable Cash 102,000 48,000 60,000 $480,000 Ordinary shares Retained earnings Long-term debt Current liabilities $120,000 180,000 108,000 72,000 $480,000