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On January 1, 2017, Grace Company (Grace) purchased 79% of the outstanding ordinary share of Hilda Limited (Hilda) for $2,800,000. On that date, Hilda's
On January 1, 2017, Grace Company (Grace) purchased 79% of the outstanding ordinary share of Hilda Limited (Hilda) for $2,800,000. On that date, Hilda's shareholders' equity consisted of share capital, $400,000; and retained earnings, $2,345,000. The book value of Hilda's net assets approximated their fair value. The fair value of the non-controlling interest at acquisition date is estimated to be $663,000. The following financial data are from Hilda's records. Net Income for the year Divide nds de Retained ended clared ($) ($) Earnings ($) December 31, 9 86,000 2,651,000 201 December 130,000 75,000 2,706,000 31, 2020 December 31, 2021 147,000 76,000 2,777,000 The group uses the full goodwill method to account for its non-controlling interest. Determine the reported balance of Non-controlling Interest account in the consolidated statement of financial position as at December 31, 2021.
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