On 1 July 2020 Anglesea acquired a 70 per cent interest in Bells Ltd at a cost of $1 000 000, and Bells Ltd acquired an 80 per cent interest in Torquay Ltd at a cost of $750 000. Both payments represent the fair value of consideration transferred. All assets are assumed to be recorded at their fair value. At the date of acquisition the share capital and reserves of Bells Ltd and Torquay Ltd were as follows:

Non-controlling interests are measured at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. In relation to goodwill, the recoverable amount of the goodwill acquired in Bells Ltd was assessed as being $250 000 at 30 June 2023, with $15 000 of the accumulated impairment occurring in the 2023 financial year. The goodwill acquired in Torquay Ltd was assessed as having a recoverable amount of $150 000 as at 30 June 2023 with $10 000 of the total impairment occurring in the year ending 30 June 2023.

REQUIRED

Determine the total non-controlling interest in closing retained earnings as at 30 June 2023.

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Bells Ltd ($) Torquay Ltd ($) 500 000 Share capital Revaluation surplus 150 000 Retained earnings 250 000 900 000 400 000 100 000 100 000 600 000