When calculating the NCI share of equity the step approach is used. Demonstrate the step approach, explaining in detail each journal entry, using the following information:

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

Total 500 000

All assets and liabilities of Flood Ltd are at fair value and Willis Ltd uses the partial goodwill method.

On 30 June 2022, Flood Ltd provided the following information:

Retained earnings (1/7/21) $ 80 000

General Reserve (1/7/21) 70 000

Profit after tax 50 000

Dividend paid 10 000

What is the NCI share of equity as at 30 June 2022?