Green Ltd purchased 90 per cent of the issued capital and in the process gained control over Maroon Ltd on 1 July 2018. Green Ltd paid cash consideration of $3 700 000 for Maroon Ltd at this time. The fair value of the net assets of Maroon Ltd at purchase was represented by:

Share capital	$3 220 000
Retained earnings	740 000
Total	$3 960 000

During the period ended 30 June 2020, the following transactions were recorded:

b) Maroon Ltd paid management fees of $100 000 to Green Ltd.

c) Maroon had an operating profit of $405 000.

d) Maroon Ltd declared a dividend of $98 000 during the period.

e) Green purchased inventory from Maroon for $100 000. The inventory cost Maroon Ltd $85 000 and at the end of the period Green had 35 per cent of that inventory still on hand.

f) Maroon's opening retained earnings was $810 000.

g) Goodwill has been determined to have been impaired by $13,600.

h) Companies in the group use perpetual inventory systems and accrue dividends when they are declared by subsidiaries.

i) There were no other inter-company transactions. Ignore tax implications.

Required:

a) Prepare the consolidation adjustments for the year ended 30 June 2020, and based on the information provided above, calculate the non-controlling interests at 30 June 2020.

General Journal

Date Details DR CR