Cameron Ltd acquired a 60% holding in Gambia many years ago. At 31 December 2019 Cameron held inventories with a carrying amount of $10,000, purchased from Gambia at cost plus 20%.

What is the effect of the above transaction on the consolidated statement of profit or loss for the year ended 31 December 2019?

a.

Profit attributable to Owners of Cameron Ltd Reduce by $1,000 Profit attributable to Non-controlling interest Reduce by $667

b.

Profit attributable to Owners of Cameron Ltd Reduce by $2,000 Profit attributable to Non-controlling interest No effect

c.

Profit attributable to Owners of Cameron Ltd Reduce by $1,000 Profit attributable to Non-controlling interest Reduce by $667

d.

Profit attributable to Owners of Cameron Ltd Reduce by $1,667 Profit attributable to Non-controlling interest No effect