Red Deer Ltd. acquired a subsidiary, Lethbridge Ltd., on July 1, 20X5, by paying $315,000 for 70% of the outstanding shares. The fiscal year-end for both companies is December 31. The statements of financial position of Lethbridge Ltd. and Red Deer Ltd. are shown below.

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

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Lethbridge Ltd. Statement of Financial Position July 1, 20X5 Carrying value Fair market value $210,000 $210,000 Current assets Capital assets: Land 135,000 225,000 Building, net 322,500 300,000 135,000 Equipment, net 90,000 $757,500 Current liabilities $105,000 105,000 Bonds payable 337,500 315,000 Common shares 150,000 Retained earnings, January 1, 20X5 105,000 Net income (January 1-July 1) 82,500 $757,500 Red Deer Ltd. Statement of Financial Position July 1, 20X5 Fair market value S 150,000 Carrying value $ 210,000 Current assets Capital assets: Land 600,000 1,050,000 Building, net 825,000 600,000 Equipment, net 540,000 300,000 Investment in Lethbridge Ltd. 315,000 Goodwill 600,000 $3,090,000 $90,000 Current liabilities 90,000 Bonds payable 300,000 2550,000 Common shares 1,500,000 Retained earnings, July 1, 20X5 1,200,000 $3,090,000