On January $2021,$ P Company has paid $$316,000$ to acquire $160\mathrm{.}000$ ordinary shares that issued at $1$$

per share in SA company. At that point, SA company retained earnings were $100,000..$ SA company had

an issued share capital of $200,000$ ordinary shares that issued price $1$$ per share. On the January $2021$

SA company acquired a $90\%$ interest in SB company for $$204,800.$ The share capital and the retained

earnings of SB company were $$100,000$ and also $$80,000$ at the date of the acquisitions. The book

values of identifiable net assets were close to their fair values. On $31$ December $2021,$ the retained

earnings for SA company and also SB company were $$130,000$ and $$100,000$ respectively. Tax rate was

$20\%.$ Assume that the acquisitions cost paid by Ltd$,$ relative to the equity interest held, are proportionate

to the fair value of SA company and also SB company. The cost method is used to account for the

investment in subsidiaries. The following information is available for the year that ended in $31$ December

$2022$:

Income Statement

For The Year Ended $31$ December $2022$

a$.$ Eliminate investment in SA and SB$!$

b$.$ Allocate Profits to non controlling interest!

c$.$ Eliminate Dividends!