P acquired a 60% interest in S when the share capital and retained earnings of S were $100,000 and $150,000, respectively. At the date of acquisition, the book values of the assets of S were approximately equal to their fair values. The fair value of non-controlling interests as at the date of acquisition was $160,000.

Required:
Complete the cells with “?” in the consolidated financial statements of P and S.

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Other assets. Goodwill..... Investment in S.. Liabilities Net assets. Share capital...... Retained earnings NCI's share of goodwill Equity ....... Non-controlling interests Equity and non-controlling interests. Statement of Financial Position P S $350,000 $320,000 240,000 (40,000) (34,000) $550,000 $286,000 $300,000 $100,000 250,000 186,000 $550,000 $286,000 $550,000 $286,000 Combined parent theory $670,000 ? ? (74,000) ? $300,000 ? |~~~|| Combined entity theory Parent NCI ? ? ? ? ? ? ? Total $670,000 ? ? (74,000) ? ? ? ? ?