EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.
EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.
Capital gains are taxed at 30%.
What is the tax due on disposal of the asset?

• A. $95,400
• B. $102,600
• C. $108,000
• D. $101,400

Which of the following is NOT a principle in the CIMA Code of Ethics for Professional Accountants?

• A. Objectivity
• B. Timeliness
• C. Integrity
• D. Professional competence and due care

Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

• A. The objective of financial statements
• B. Definition of the headings to use in financial statements
• C. The elements of financial statements
• D. The formats of financial statements
• E. Qualitative characteristics of financial statements
• F. Specification of the financial statements that must be presented

Which of the following is an effect of using equity accounting to include an entity in the consolidated statement of financial position of a group?

• A. A single figure is included in net assets which is the sum of the initial cost of investment in the investee entity plus the group share of all changes in net assets since acquisition.
• B. 100% of each asset and liability of the investee entity is included with the investing entity's balances.
• C. The investment in the investee entity is included in non-current assets at cost to the investing entity.
• D. The group share of each asset and liability of the investee entity is included with the investing entity's balances.

Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the non-controlling interest balance in FG's consolidated statement of financial position at 31 December 20X5.
Give your answer to nearest whole $.