Agro Ltd acquired 80% of Seeds Ltd for £500,000 on 1 July 2012. Seed Ltd’s net assets include property, plant and equipment, inventory and trade receivables with a total book value of £200,000 at the date of acquisition. Following independent appraisal of the PPE at the acquisition date, it was discovered that these assets had a fair value £100,000 greater than their book value.

Required Calculate the following figures that will be shown in the consolidated statement of financial position at the acquisition date;

(a) goodwill

(b) the non-controlling interest