KW acquired 60% of RB's equity shares on 1 July 20X5. KW elected to measure non-controlling interests in RB at their fair value of $570,000 at acquisition. KW had retained earnings of $290,000 at acquisition and no other reserves. At 30 June 20X7, KW has retained earnings of $380,000. The fair value of RB's net assets at acquisition was the same as the carrying amount with the exception of a property which had a fair value of $60,000 in excess of its carrying amount and a remaining useful life of ten years. During the year ended 30 June 20X7, RB sold goods to KW for $25,000 at a margin of 30%. At the year end, half of these goods were still in inventory. As at 30 June 20X7, there has been an impairment of $10,000 of the goodwill in RB. 

What is the amount of non-controlling interests in RB that should be included in the consolidated statement of financial position of the KW group as at 30 June 20X7? (Give your answer to the nearest whole $.)

Answer rating: 100% (QA)

Heres how to calculate the noncontrolling interests in RB for the KW groups consolidated statement of financial position as of June 30 20X7 1 Start wi... View the full answer