The following information relates to Billie Ltd. Since the date of acquisition, Billie Ltd has held interests in multiple subsidiaries totalling DNCI of 25%, and INCI of 15%. The following summarised financial information is provided:

Retained earnings at DOA $117,000

Retained earnings at 1/7/2021 $476,000

Current period profit for year ended 30/6/2022 $236,000

Required: a) Based on the financial information provided, prepare the calculations for the NCI allocation (using the NCI memorandum method) for the period ended 30 June 2022.

b) Based on your calculations, prepare the journal entry to record the allocation of the NCI share of profit for the current period, post acquisition equities as at 30 June 2022.