On January $1,2021,$ Chip Ltd$.$ acquired $80\%$ of the shares of Dip inc, by issuing shares valued at $$3,000,000.$ On this date, Dip Inc.$\text{'}$s building and machinery had remaining useful lives of $20$ years and $10$ years, respectively. Both Chip Ltd$.$ and Dip Inc, use straight$-$line depreciation. The separate$-$entity statements of financial position for Chip Ltd$.$ and Din inc. just priot to he atquisition are presented below. Statements of Retained Eamings For the year ended December $31,202$ During $2021$ Chip Ltd$.$ and Dip Inc. had the following transactions between them: $-$ On June $302021,$ Dip inc. borrowed $$750,000$ from Chip Ltd$.$ at an interest rate of $15\%($simple interest$).$ Interest is to be paid at the end of each calendar year. Dip Inc. did not pay the $2021$ interest. $-$ During $2021,$ Dip Inc. soid $$5,500,000$ of gocds to Chip Ltd$.$ At the end of $2021,$ $$1,000,000$ of those goods were still in Chip Ltd$.\text{'}$s ending imventory. Dip Inc. charged Chip ttd$.$ the same price it charges all its other customers. $-$ Curing $2021,$ Chip Ltd$.$ sold $$2,750,000$ of goods to Dip Inc. At the end of $2021,$ $$500,000$ of those goods were still in Dip Inc.$\text{'}$s ending inventory, Chip Ltd$.$ charged Dip Inc. the same price it charges all its other customers. There was no impairment of goodwill fer $2021.$ The separate$-$entity statements for Chip thd$.$ and Dip Inc. at the end of $2022$ are presented be Additional informatica for $2022$: $-$ During $2022,$ Chip Ltd$.$ purchased $$3,000,000$ of goods from Dip Inc. At the end of the year, $40\%$ of those goods were still in Chip Ltd$.\text{'}$s ending imventery. $-$ During December $2022,$ Dip Inc. purchased $$600,000$ of goods from Chip Ltd$.$ At the end of the year, $75\backslash \%$ of those goods were still in Dip inc.$\text{'}$s ending inventory. $-$ Both Chip Ltd$.$ and Dip Inc.$\text{'}$s gross margins for these goods were unchanged from previous years. $-$ At the end of $2022,$ Dip inc, did not pay the interest due on the loan from thip Ltd$.$ however, both companies had accrued the interest. Required: a$)$ Prepare a set of consolidated statement of financial position at acquisition date using the Fair Value Enterprise $($FVE$)$ approach. b$)$ Prepare a set of consolidated financial statements for $2021$ using the fair Value Enterprise $($FVE$)$ approach. c$)$ Calculate Chip Ltd$.\text{'}$s consolidated retained earnings for $2022.$ Do not prepare financial statements.