CONSOLIDATED FINANCIAL STATEMENTS KAPLAN EXAM KIT Q 368

On 1 April, 20×4, Penfold acquired 80% of Superted’s equity shares in a share for share exchange. Penfold issued 2 shares for every 5 acquired in Superted. Penfold’s share price on 1 April 20×4 was $5.30. The share exchange has not yet been recorded.

Extracts from the individual financial statements of Penfold and Superted as at 30 September, 20×4 are shown below:

Equity shares of $1 each
Penfold: $170,000,000 Superted: $15,000,000
Other components of equity (share premium)
Penfold: $6,000,000 Superted: $2,000,000

i) Penfold measures the NCI at fair value at acquisition: $7.2 million
ii) Superted made a profit of $24 million for the year ended 30 September 20×4.
iii) Penfold sold an item of plant to Superted on 1 April 20×4 for $25 million when its carrying amount was $20 million. It had a remaining useful life of 5 years at this date.

What will be reported as non-controlling interest on the consolidated statement of financial position as at 30 September, 20×4?
Correct answer is $9,700,000.

My calculation:
NCI at acquisition $7,200,000
NCI’s share of post-acq reserves (12,000,000 x 2/5 x $1) + (12,000,000 x 2/5 x $4.30) + (($24,000,000 x 6/12) + ($5,000,000/5 x 6/12) x 20%)
NCI at reporting date $35,140,000 (answer is not present in options given)

I do not understand as to why we do not include share capital and share premium issued post-acq in our post-acq reserves working because should we not include all net assets of subsidiary post-acquisition and then take 20% of it? Or am I getting it wrong and we only need to consider Retained Earnings and anything that affects retained earnings?
Share capital and Share premium do not affect retained earnings, thus they should not be considered? I am extremely confused and am getting my answers wrong because of this. Kindly, let me know!
Thanks in advance!