Prepare the Income Statement and Partial Statement of Changes in Equity for Year Ended 31 Dec 20x1

					Consolidation Adjustment		Consolidation
	Parent		Subsidiary		Dr		Cr		Total
	$		$		$		$		$
Net profit before tax	550,000		100,000
(including dividend income)
Less tax expense	110,000		20,000
Net profit after tax	440,000		80,000
Profit attributable to non-controlling interests
Profit attributable to owners of parent
Dividends declared	100,000		24,000
Profit retained for the year	340,000		56,000
Retained earnings, 1 January	1,000,000		250,000
Retained earnings, 31 December	1,340,000		306,000

Please also provide the excel formula, thank you

P4.2 Consolidation, goodwill, and fair value adjustments Prince Ltd bought 80% of Silver Ltd on 1 January 20x1 for $230,000 when Silver's statement of financial position was as follows: Fixed assets had a remaining useful life of five years as at 1 January 20x1. Goodwill impairment losses on the original goodwill of Silver attributable to parent and non-controlling interests are as follows: (a) 20% of the original goodwill was deemed impaired and written off in 202. (b) 10% of the original goodwill was written off in 203. Fair value of non-controlling interests as at 1 January 201 was $55,000. The financial statements for the year ended 31 December 203 are as follows: Required: 1. Prepare all necessary consolidation adjustments and elimination entries for the year ended 31 December 20x3. Recognize tax effects at 20%. 2. Prepare the consolidation worksheet for the year ended 31 December 203. 3. Perform an analytical check on the balance of non-controlling interests as at 31 December 203