Calgary Ltd. acquired a subsidiary, Ottawa Ltd., on July 1, 20X5, by paying $ 200,000 for 70% of the outstanding shares. The fiscal year- end for both companies is December 31. The statements of financial position of Ottawa Ltd. and Calgary Ltd. are shown below.

Required
Prepare the consolidated SFP as at July 1, 20X5, for Calgary Ltd., under the entity method and the parent- company extension method respectively.

Calgary Ltd.
Statement of Financial Position July
1,20X5

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Carrying value Fair market value 150,000 $100,000 Current assets Capital assets: 400,000 550,000 360,000 200,000 400,000 $2,060,000 60,000 200,000 1,000,000 800,000 $2,060,000 00,000 400,000 200,000 Building, net Equipment, net Investment in Ottawa Ltd. Goodwill Current liabilities Bonds payable Common shares Retained eamings, July 1, 20X5 60,000 170,000