Please include the work and calulations done to get all the answers. Thank you!!

On January 1, 2021, Chip Ltd. acquired 80% of the shares of Dip Inc, by issuing shares valued at $3,000,000. On this date, Dip Inc.'s building and machinery had remaining useful lives of 20 years and 10 years, respectively. Both Chip Ltd. and Dip Inc, use straight-line depreciation. The separate-entity statements of financial position for Chip Ltd. and Din Inc. just prior to the acquisition are presented below. Statements of Financial Position As of December 31, 2021 Statements of Income For the year ended December 31, 2021 Sales Dividend income Gain on sale of land Other income Cost of sales Other cperating expenses interest expense Total expenses Net income Statements of Retained Earnings For the year ended December 31, 2021 Retained earnings. December31, 2020 Net Income Dividends Delcared Retained earnings, December 31, 2021 During 2021 Chip Ltd. and Dip Inc. had the following transactions between them: - On June 302021 , Dip inc. borrowed $750,000 from Chip Ltd. at an interest rate of 15% (simple interest), Interest is to be paid at the end of each calendar year. Dip Inc. did not pay the 2021 interest. - During 2021, Dip Inc. sold $5,500,000 of goods to Chip Ltd. At the end of 2021, $1,000,000 of those goods were still in Chip Ltd.'s ending imventory. Dip inc. charged Chip Itd. the same price it charges all its other customers. - During 2021, Chip Ltd. sold $2,750,000 of goods to Dip inc. At the end of 2021, $500,000 of those goods were still in Dip Inc.'s ending inventory, Chip Ltd. charged Dip inc. the same price it charges all its other customers. There was no impairment of goodwill for 2021. The separate-emtity statements for Chip Ltd. and Dip Inc. at the end of 2022 are presented below. Additional information for 2022: - During 2022, Chip Ltd. purchased $3,000,000 of goods from Dip Inc. At the end of the year, 40% of those goods were still in Chip Ltd.'s ending imventory. - During December 2022, Dip Inc. purchased $600,000 of goods from Ohip Ltd. At the end of the year, 75% of those goods were still in Dip inc.'s ending inventory. - Both Chip Ltd. and Dip Inc.'s gross margins for these goods were unchanged from previous years. - At the end of 2022, Dip inc, did not pay the interest due on the loan from Chip Ltd. however, both companies had accrued the interest. Required: a) Prepare a set of consclidated statement of financial position at acquisition date using the Fair Value Enterprise (FVE) approach. b) Prepare a set of consolidated financial statements for 2021 using the fair Value Enterprise (FVE) approach. c) Calculate Chip Ltd.'s consolidated retained earnings for 2022. Do not prepare financial statements. On January 1, 2021, Chip Ltd. acquired 80% of the shares of Dip Inc, by issuing shares valued at $3,000,000. On this date, Dip Inc.'s building and machinery had remaining useful lives of 20 years and 10 years, respectively. Both Chip Ltd. and Dip Inc, use straight-line depreciation. The separate-entity statements of financial position for Chip Ltd. and Din Inc. just prior to the acquisition are presented below. Statements of Financial Position As of December 31, 2021 Statements of Income For the year ended December 31, 2021 Sales Dividend income Gain on sale of land Other income Cost of sales Other cperating expenses interest expense Total expenses Net income Statements of Retained Earnings For the year ended December 31, 2021 Retained earnings. December31, 2020 Net Income Dividends Delcared Retained earnings, December 31, 2021 During 2021 Chip Ltd. and Dip Inc. had the following transactions between them: - On June 302021 , Dip inc. borrowed $750,000 from Chip Ltd. at an interest rate of 15% (simple interest), Interest is to be paid at the end of each calendar year. Dip Inc. did not pay the 2021 interest. - During 2021, Dip Inc. sold $5,500,000 of goods to Chip Ltd. At the end of 2021, $1,000,000 of those goods were still in Chip Ltd.'s ending imventory. Dip inc. charged Chip Itd. the same price it charges all its other customers. - During 2021, Chip Ltd. sold $2,750,000 of goods to Dip inc. At the end of 2021, $500,000 of those goods were still in Dip Inc.'s ending inventory, Chip Ltd. charged Dip inc. the same price it charges all its other customers. There was no impairment of goodwill for 2021. The separate-emtity statements for Chip Ltd. and Dip Inc. at the end of 2022 are presented below. Additional information for 2022: - During 2022, Chip Ltd. purchased $3,000,000 of goods from Dip Inc. At the end of the year, 40% of those goods were still in Chip Ltd.'s ending imventory. - During December 2022, Dip Inc. purchased $600,000 of goods from Ohip Ltd. At the end of the year, 75% of those goods were still in Dip inc.'s ending inventory. - Both Chip Ltd. and Dip Inc.'s gross margins for these goods were unchanged from previous years. - At the end of 2022, Dip inc, did not pay the interest due on the loan from Chip Ltd. however, both companies had accrued the interest. Required: a) Prepare a set of consclidated statement of financial position at acquisition date using the Fair Value Enterprise (FVE) approach. b) Prepare a set of consolidated financial statements for 2021 using the fair Value Enterprise (FVE) approach. c) Calculate Chip Ltd.'s consolidated retained earnings for 2022. Do not prepare financial statements