On Jan. $2,2021,$ as Rakan Inc. had $$240000$ in capital stock and $$60000$ in retained earnings, Raya Co$.$ paid

$$231000$ for a $60\%$ interest in Rakan Inc. Rakan's book and fair value was equal on the acquisition date. The

following are the year$-$end trial balances as of Dec. $31,2021.$

Raya recorded on$$y two transactions in its books in $2021$ concerning its holdings in Rakan. On Jan. $2,2021,$ it debited the

Investment in Rakan account for $$231000$; on Oct. $2,2021,$ it credited Dividend Income for $$18000.$

Required

a$)$ Prepare consolidated income statements and retained earnings for Raya & its subsidiary for the year ending

$\frac{31}{12}\frac{?}{2021}$

b$)$ Prepare a consolidated balance sheet for Raya & its subsidiary on $31/12/2021.$