In this part, you are given the relevant information about a hypothetic case of business combination between Alpha Inc. and Beta Inc.. On January 1, 2021, Alpha Inc. ('Alpha') acquired control over Beta Inc. ("Beta") by acquiring 80% of the shares of Beta for $5,000. On the date of the acquisition, the equity in Beta comprised the following: Shareholders' Equity Common Shares Retained Earnings S 4,000 1,400 This equity reflected the fair value of all the assets and liabilities of Beta, 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, Beta sold inventory to Alpha at a price of $600. This inventory had cost Beta $460. As of December 31, 2022, Alpha still had 45% of the inventory in stock. During the year ended December 31, 2023, Alpha sold inventory to Beta at a profit of $400. This inventory had cost Alpha $1,000. As of December 31, 2023, Beta had all these inventories in stock. On January 1, 2022, Beta sold an equipment to Alpha at a profit of $1,000. Alpha has since depreciated the equipment on a straight-line basis assuming a useful life of five years. During the year ended December 31, 2023, Beta rented office space from Alpha at a cost of $600. As of December 31, 2023, Beta still owed $100 of the rent. During the year ended December 31, 2023, Beta 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 Alpha and Beta for the fiscal year ended December 31, 2023 are provided in the Excel spreadsheet. Assume that Beta is Alpha'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.