On 1 July 2019, ABC Ltd acquired a portion of XYZ Ltd and they use the partial method to account for the 10% share of the NCI. ABC Ltd acquired their portion of the equity at a cost of $500,000 when share capital had a balance of $350,000 and retained earnings was $100,000. Property was required to be revalued on acquisition date. On the books of XYZ Ltd, property was recorded as $950,000. ABC Ltd had an independent valuation completed which confirmed the asset could be sold for $1,000,000. On 1 July 2019, XYZ Ltd sold plant to ABC Ltd that cost $50,000 and had accumulated depreciation $20,000. The selling price of the plant was $40,000. At the date of sale, the plant could be depreciated straight line, 25% per year.

Pre-tax profit for 30 June 2020 is $100,000. During this year there was intragroup sales totalling $60,000 that had a cost price of $30,000. A quarter of this inventory was still on hand at the end of this year. The tax rate relating to all transactions to both entities is 30%. A consultancy fee of $10,000 was paid by the subsidiary to the parent.

Required:

Calculate any non-controlling interest and write it in the space provided below. Show all intragroup entries and full workings.