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Need answer as soon as possible. I will surely upvote. X ltd owns 75% of Y Ltd. Y Ltd owns 40% of Z ltd. X

Need answer as soon as possible. I will surely upvote.

X ltd owns 75% of Y Ltd. Y Ltd owns 40% of Z ltd. X Ltd also owns 30% of Z Ltd. The ownership interests in Z ltd were acquired when Z ltd was incorporated.

The retained earnings of the three companies at 1 July 2016 and 30 June 2017 are as follows:

X Ltd

$

Y Ltd

$

Z Ltd

$

Retained earnings at acquisition date

40 000

12 000

8 000

Retained earnings 1 July 2016

50 000

15 000

10 000

Retained earnings 30 June 2017

60 000

20 000

16 000

The dividends paid/declared by group entities for the year ended 30 June 2017 were as follows:

X Ltd

$

Y Ltd

$

Z Ltd

$

Interim dividend paid

3,000

600

500

Final dividend declared

3,000

1,000

1000

Additional Information:

  1. During the year ended 30 June 2016, Z sold goods to Y Ltd for $200,000. These goods cost Guitar Ltd $180,000. 10% of these goods remained in Ys inventory at 30 June 2016.
  2. During the year ended 30 June 2016, X sold goods to Z Ltd for $300,000. These goods cost Guitar Ltd $20,000. 25% of these goods remained in Zs inventory at 30 June 2016.
  3. During the year ended 30 June 2017, Z Ltd sold goods to X for $12,000. These goods cost Z Ltd $10,000. 50% of these goods remained in Horn Ltds inventory at 30 June 2017.
  4. During the year ended 30 June 2017, Z sold goods to Y Ltd for $200,000. These goods cost Z Ltd $180,000. 15% of these goods remained in Y Ltds inventory at 30 June 2017.
  5. All entities in the group use the perpetual inventory system.
  6. The corporate tax rate is 30%.

Required:

On the basis of the information provided, calculate the total non-controlling interest in consolidated profit after tax and total non-controlling interest in consolidated retained earnings for year ended 31 December 2017. Show all workings.

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