Entity P acquired 300,000 shares in Entity S on 1 August Year 2. The total net assets of Entity S at 1 January Year 2 were $1,310,000. The statement of financial position of entity S at 31 December Year 2 was as follows:

Entity S

Statement of financial position as at 31 December Year 2

Property, plant and machinery 1,200

Current assets 550

Equity and liabilities

Equity shares of $1 each 500

Share premium 300

Retained earnings 600

Liabilities 350

There has been no dividend payment by S in the year. The profit after tax of Entity P for the year was $250,000. There has been no impairment of goodwill.

Required

Calculate the consolidated profit for the year to 31 December Year 2, and the allocation of this profit between the equity holders of the parent and the non-controlling interest in S