Assume that ABC Company acquires 80 percent of XYZ Company’s 120,000 outstanding voting shares on January 1, 2011, for Br 8 per share or a total of Br 768,000 cash consideration. Further assume that the 20 percent non-controlling interest shares traded both before and after the acquisition date at an average of Br 8 per share. Assume the subsidiary earned net income of Br 200,000 during the period and paid cash dividend of Br 30,000. Assume ABC used equity method. Required: 1. Record the necessary entries on the book of ABC

2. Prepare consolidated financial statement at the end of the year; December 31, 2011