Question: please give calculation each step clearly and easy to understand On 1 January 2019 , Happy Bhd acquired 75% of the ordinary shares and 30%

 please give calculation each step clearly and easy to understand On

please give calculation each step clearly and easy to understand

On 1 January 2019 , Happy Bhd acquired 75% of the ordinary shares and 30% of the preference shares of Lucky Bhd. The preference shares are classified as equity and they carry a cumulative preference dividend of 10% per year. The payment of dividend is discretionary and conditional on the company achieving sufficient profits in each year. Dividends on ordinary shares can only be paid after all arrears of preference dividends have been paid. For the year ended 31 December 2021, Lucky Bhd reported a profit after tax of RM70 million. Its equity consists of the following components: Required: a. Compute the amount of profit for the year that shall be allocated to noncontrolling interests. (7 marks) b. Determine the amount of non-controlling interest that shall be shown in the financial position. (8 marks)

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