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Prepare the journal entries to record the allocation to nci

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Question - Since the date of acquisition, Sheeran Ltd has held interests in a subsidiary totalling DNCI of 25%, and INCI of 15%. The following summarised financial information of the subsidiary is provided to Sheeran Ltd:

Retained earnings at DOA 130,000

Retained earnings at 1/7/2020 280,000

Current period profit for year ended 30/6/2021 74,000

Required - Based on the financial information you have available, prepare the journal entries to record the allocation to NCI upon consolidation of the Sheeran Group on 30 June, 2021.

Reference no: EM133156622

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