What is a non-controlling interest and how should it be disclosed? Does the existence of the NCI affect the BCVR entries? Why or why not? Using the following information demonstrate how the existence of an NCI affects the pre-acquisition entry. Explain the journal entry in detail, line by line. Willis Ltd acquired 75% of Flood Ltd for $400 000 cash on 1 July 2020. At that date the equity of Flood included the following: Share Capital $400 000 General Reserve 50 000 Retained Earnings 50 000 500 000 All assets and liabilities of Flood Ltd are at fair value and Willis Ltd uses the partial goodwill method.