Patel Company purchased all the outstanding ordinary shares of Singh Company on December 31, 2011. Just before the purchase, the condensed statements of financial position of the two companies were as follows.

Patel used current assets of $710.000 to acquire the shares of Singh. The excess of this purchase price over the book value of Patel€™s net assets is determined to be attributable $20,000 to Singh's plant and equipment and the remainder to goodwill.

Instructions
(a) Prepare the entry for Patel Company's acquisition of Singh Company shares.
(b) Prepare a consolidated worksheet at December 31.2011.
(c) Prepare a consolidated statement of financial position at December 31.2011.

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Singh Company 351.000 379.000 730.000 6360,000 280.000 90,000 $730,000 Patel Company $1.882.000 1.478.000 $3.360.000 $1.947.000 543.000 870,000 S3.360.000 Plant and equipment (net) Current assets Share capitalordinary Retained earnings Current liabilities