In this part, you are given the relevant information about a hypothetic case of business combination between Ainca Inc. and Shraddha Inc..

On January $1,2021,$ Ainca Inc. $($Ainca$)$ acquired control over Shraddha Inc. $($Shraddha$)$ by acquiring $80\%$ of the shares of Shraddha for $$5,000.$ On the date of the acquisition, the equity in Shraddha comprised the following:

Shareholders$$ Equity

Common Shares $$4000$

Retained Earnings $$1400$

This equity reflected the fair value of all the assets and liabilities of Shraddha, with the exception of land, which had a fair value of $$250$ in excess of the carrying amounts, respectively.

The following additional information is available:

During the year ended December $31,2022,$ Shraddha sold inventory to Ainca at a price of $$600.$ This inventory had cost Shraddha $$460.$ As of December $31,2022,$ Ainca still had $45\%$ of the inventory in stock.

During the year ended December $31,2023,$ Ainca sold inventory to Shraddha at a profit of $$400.$ This inventory had cost Ainca $$1,000.$ As of December $31,2023,$ Shraddha had all these inventories in stock.

On January $1,2022,$ Shraddha sold an equipment to Ainca at a profit of $$1,000.$ Ainca has since depreciated the equipment on a straight$-$line basis assuming a useful life of five years.

During the year ended December $31,2023,$ Shraddha rented office space from Ainca at a cost of $$600.$ As of December $31,2023,$ Shraddha still owed $$100$ of the rent.

During the year ended December $31,2023,$ Shraddha declared and paid a dividend of $$500.$

The impairment tests on cash$-$generating units at the end of $2021,2022$ and $2023$ revealed

that the recoverable amount of goodwill is $$450,$ $$350,$ and $$750$ respectively.

Assume that the corporate tax rate is $40\%$ and impairment loss on goodwill is not tax deductible.

Both companies have December $31$ year end.

The financial statements of Ainca and Shraddha for the fiscal year ended December $31,2023$ are provided in the Excel spreadsheet.

Assume that Shraddha is Ainca$$s only subsidiary and the NCI equity is valued under Identifiable Net Asset $($INA$)$ method. Please use the information above and data provided in the attached Excel sheet to prepare the consolidated Income Statement for the fiscal year ended on December $31,2023,$ consolidated Statement of Retained Earnings and Balance Sheet as at December $31,2023.$

Create me a consolidated journal entries for parent with FV Increment, Acquisition Elimination, Unrealised profit in opening inventory $($ Eliminating unrealised gain in opening inventory$),$ Unrealised loss in closing inventory $($Eliminating unrealised loss in closing inventory$),$ Unrealised profit on sale of non$-$current asset $,$ Excess Depreciation, Rental Service, Dividend, Impairment of Goodwill, NCI.