Prince Bhd acquired an 90% interest in Olaf Bhd on 1 June 2016 for RM55,500,000. On this date, the ordinary shares of Olaf Bhd was RM45,000,000 and the retained profit was RM20,000,000. On 1 January 2018, Olaf Bhd acquired a 80% interest in Queen Bhd for RM35,000,000. The retained profit and ordinary shares of Queen Bhd on this date were RM15,000,000 and RM20,000,000 respectively. It is the groups policy to value non-controlling interest at their proportionate share of their fair values of the net assets of the subsidiaries on the dates of acquisitions.

Determine the goodwill on consolidation for the ultimate parent using the single stage method of consolidation.