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On 1 July 20x3, Front Ltd acquired 60% of the issued shares of Line Ltd for $130 000. At acquisition date all the identiable assets and liabilities of Line Ltd were recorded at amounts equal to fair value. Front Ltd uses the partial goodwill method. On 1 July 20x3, the equity of Line Ltd was: Share capital 3; 100 000 General reserve 40 000 Retained earnings 50 000 Details of equity for Line Ltd in subsequent periods are: 3016136 3016116 Share capital $ 100 000 $ 100 000 General reserve 50 000 50 000 Retained earnings 80 000 140 000 The prot after tax for the current period 30161x6 is 5 60 000 At the date of acquisition, the NCI share of equity is: $40,000 V At the date of acquisition, the Goodwill attributable to the parent is: $130,000 V The NCI share of changes in equity in Step 2 is: $16.000 v The NCI share of changes in equity in Step 3 is: $16,000 v At the date of acquisition, the pre-acquisition entry includes which of the following: CR to shares in Line Ltd $130 000 v When presenting a consolidated statement of comprehensive income, the non-controlling interest is: shown as a separate component of profit before tax and a Separate component of tax expense V . (NOTE: This question is independent ofthe question above) P Ltd owns 80% of 5 Ltd. During the year ended 30151x4 the following consolidation journal entries were prepared to eliminate transfer of inventory within the group. For each given elimination, prepare the relevantjournal entry to adjust the NCI share of equity. Show your workings. S Ltd transferred inventory to P Ltd Retained earnings Dr 1 400 Income Tax Expense Dr 600 Cost of Sales Cr 2 000 Prepare the relevantjournal entry to adjust the NCI share of equity. Show your workings