Vehicle Ltd is the parent of a group of entities which includes Car Ltd and Ute Ltd$.$

The acquisition date for both subsidiaries was on $1$ July $2022$ and the total DNCI in the

subsidiaries is $35\%,$ and INCI is $15\%.$

The following summarised financial information is provided:

$$ Retained earnings at DOA $$180,000$

$$ Current period profit for the year ended $30/6/2023$ $$300,000$

$$ Revaluation surplus at DOA $$50,000$

$$ Revaluation surplus at $30/6/2023$ $$60,000$

Additional information

$$ At acquisition date, the fair value of the identifiable assets and liabilities assumed of

Car Ltd and Ute Ltd were stated at fair value except for an equipment whose recorded

value in Ute Ltd single entity financial statements was $$20,000$ below its fair value. At

$1$ July $2022,$ the remaining useful life of this equipment was five years. The total DNCI

in Ute Ltd is $20\%$ and INCI is $6\%.$

$$ The income tax rate is $30\%$

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

$2023.$

$($b$)$ Based on your calculations, prepare the journal entry to record the allocation of

the NCI share of the revaluation surplus as at $30$ June $2023,$ including narration.