On 1 July 20X5, Bondi Ltd gained control of Manly Ltd by acquiring 60% of its shares for $80,000. At this date, Manly Ltd's equity consisted of: share capital $70,000 and retained profits $50,000.

Below is an extract of financial information of both entities as at 30 June 20X9, the end of the current year:

	Bondi Ltd ($)	Manly Ltd ($)
Net profit	40,000	20,000
Retained profits (opening)	90,000	60,000
Profit available	130,000	80,000
less Dividend paid	15,000	6,000
Retained profits (ending)	115,000	74,000
Share capital	150,000	70,000
Owners equity	265,000	144,000

Additional information:

• The partial goodwill method is used. Impairment of consolidation goodwill was assessed to be $1,000 on 30 June 20X8.
• Manly sold inventory to Bondi during April 20X9 for $18,000. The cost of inventory to Manly was $12,000. Half of this inventory was still on hand at the year end.
• On 30 June 20X6, Manly sold a vehicle to Bondi for $36,000. The vehicle originally cost Manly $40,000 and had zero residual value. Manly depreciated the vehicle at the rate of 20% p.a. using the straight-line method. The vehicle was 1 year old at the time of the intragroup sale. The vehicles residual value and remaining useful life were not affected by the intragroup sale. Bondi depreciates the vehicle also using the straight-line method.
• Bondi provided $8,000 worth of consulting services to Manly during May 20X9. Manly paid for the services before year end.

Required:

a) Based on the information given in the question, prepare all the necessary consolidation elimination entries at 30 June 20X9.

b) Calculate NCIs allocation for the year ended 30 June 20X9 for the following

• Net profit
• Retained profits (opening)