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

On January $1,2021,$ Zebra Inc. $(\text{'}$Zebra$\text{'})$ acquired control over Mackeral Inc. $(\text{'}$Mackeral$\text{'})$ by acquiring $80\%$ of the shares of Mackeral for $$5,000.$ On the date of the acquisition, the equity in Mackeral comprised the following:

Shareholders' Equity

Common Shares $$4,000$

Retained Earnings $$1,400$

This equity reflected the fair value of all the assets and liabilities of Mackeral, 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 $31,2022,$ Mackeral sold inventory to Zebra at a price of $$600.$ This inventory had cost Mackeral $$460.$ As of December $31,2022,$ Zebra still had $45\%$ of the inventory in stock.

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

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

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

During the year ended December $31,2023,$ Mackeral 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 Zebra and Mackeral for the fiscal year ended December $31,2023$ are provided in the Excel spreadsheet.

Assume that Mackeral is Zebra'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 $31,2023.$ Complete the consolidated balance sheet that is provided.