Question 4 10 marks On 1 January 2015, Hill Ltd acquired 55% of the voting shares of River Ltd and 25% of the voting shares of Valley Ltd. On the same day, River Ltd acquired 70% of the voting shares in Valley Ltd. Profit and dividends paid/declared by group entities for the financial year ended 31 December 2016 were as follows: Details Profit after tax Interim dividend paid Final dividend declared Hill Ltd $ 2,000,000 300,000 900,000 River Ltd $ 1,500,000 200,000 300,000 Valley Ltd $ 800,000 340,000 190,000 Additional Information: (a) During the financial year ended 31 December 2015, Hill Ltd sold goods to River Ltd for $240,000. These goods cost Hill Ltd $90,000. At 31 December 2015, 33% of these goods remained in River Ltd's inventory. The closing inventory at 31 December 2015 was sold to external parties during the year ended 31 December 2016. (b) During the financial year ended 31 December 2015, River Ltd sold goods to Valley Ltd for $365,000. These goods cost River Ltd $325,000. At 31 December 2015, 12% of these goods remained in Valley Ltd's inventory. The closing inventory at 31 December 2015 was sold to external parties during the year ended 31 December 2016. (c) During the financial year ended 31 December 2016, Valley Ltd sold goods to River Ltd for $530,000. These goods cost Valley Ltd $460,000. At 31 December 2016, 60% of these goods remained in River Ltd's inventory. (d) All entities in the group use the perpetual inventory system. (e) Dividend revenue is recognised by entities when the dividend has been declared. (f) The corporate tax rate is 30%. Required: Based on the information provided, prepare a NCI Memorandum Account to calculate the total non- controlling interest in consolidated profit after tax for the year ended 31 December 2016. Show all workings. Journal entries are not required. Show all workings. Where workings are not shown, part marks will not be awarded