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:

Time Ltd acquired 90% of Out Ltd for $252,000 cash on 1 July 2018.At that date the equity of Out included the following:

Share Capital$200 000

Retained Earnings 80 000

280 000

On 30 June 2020, Out Ltd provided the following information:

Profit after tax$40 000

Retained earnings (1/7/19) 100 000

Dividend paid10 000

Please solve it using 3steps

1. Determine the NCI share of equity of the subsidiary at acquisition date.
2. Determine the NCI share of the changes in subsidiary equity between the acquisition date and the beginning of the current period for which the consolidated financial statements are being prepared.
3. Determine the NCI share of the changes in subsidiary equity in the current period.