Post$-$Acquisition Equity Method & Consolidation Scenario: On January $1,2024,$ Alpha Ltd$.$ acquires $80\%$ of Beta Ltd$.$ for $8,00,000.$ The fair value of the non$-$controlling interest $($NCI$)$ is $2,00,000.$ Beta Ltd$.$ reports the following for the year ended December $31,2024$: Net Income: $1,50,000$ Dividends Paid: $50,000$ Assume no fair value adjustments were needed at acquisition, and the equity method is used. Question: a$.$ Prepare the journal entries in the books of Alpha Ltd$.$ for the year $2024$ using the equity method: To record the initial investment To record share of net income To record dividends received To show the year$-$end balance in investment account b$.$ Prepare the following as of December $31,2024,$ for the consolidated financial statements: Non$-$controlling interest $($NCI$)$ in net assets Consolidated retained earnings Consolidated balance of investment in Beta Ltd$.($if applicable$)$ Present accurate calculations using the correct percentage allocations$80\%$ for Alpha Ltd$.$ and $20\%$ for the non$-$controlling interest $($NCI$).$ All journal entries must follow standard accounting format, including the date, account titles, proper debit and credit amounts, and brief narrations. Answers should be neatly organized with clear headings for each section such as share of net income, investment balance, and NCI calculation. Explanations should accompany each calculation, briefly justifying why each entry or treatment is applied $($e$.$g$.,$ why dividends reduce the investment account under the equity method$).$ Appropriate accounting terminology must be used throughout, including terms like equity method, consolidated retained earnings, and goodwill $($if relevant$).$ If any information is not provided, you should clearly state reasonable assumptions rather than omit the section.