Prepare the Income Statement and Partial Statement of Changes in Equity for Year Ended 31 Dec 20x3

					Consolidation Adjustments		Consolidation
	Prince Ltd		Silver Ltd		Dr		Cr		Total
					$		$		$
Sales	5,000,000		1,900,000
Cost of sales	(4,250,000)		(1,520,000)
Gross profit	750,000		380,000
Other expenses	(185,000)		(155,000)
Operating profit	565,000		225,000
Dividend income	28,000		0
Profit before tax	593,000		225,000
Tax expense	(113,000)		(45,000)
Profit after tax	480,000		180,000
Profit attributable to non-controlling interests
Profit attributable to owners of parent
Dividends declared	(100,000)		(35,000)
Profit retained	380,000		145,000
Retained earnings, 1 January	1,620,000		155,000
Retained earnings, 31 December	2,000,000		300,000

Please also provide the excel formula

P4.2 Consolidation, goodwill, and fair value adjustments Prince Ltd bought 80% of Silver Ltd on 1 January 20x1 for $230,000 when Silver's statement of financial position was as follows: Fixed assets had a remaining useful life of five years as at 1 January 20x1. Goodwill impairment losses on the original goodwill of Silver attributable to parent and non-controlling interests are as follows: (a) 20% of the original goodwill was deemed impaired and written off in 202. (b) 10% of the original goodwill was written off in 203. Fair value of non-controlling interests as at 1 January 201 was $55,000. The financial statements for the year ended 31 December 203 are as follows: Required: 1. Prepare all necessary consolidation adjustments and elimination entries for the year ended 31 December 20x3. Recognize tax effects at 20%. 2. Prepare the consolidation worksheet for the year ended 31 December 203. 3. Perform an analytical check on the balance of non-controlling interests as at 31 December 203