consolidation

hiya mike, hope u doing fine, I have question in the below question? How we will calculate value of NCI in goodwill in this question .Hinge Co acquired 80% of the ordinary shares of Singe Co on 1 April 20X5. On 31 December 20X4 Singe
Co’s accounts showed a share premium account of $4,000 and retained earnings of $15,000. The
statements of financial position of the two companies at 31 December 20X5 are set out below. Neither
company has paid any dividends during the year. NCI should be valued at full fair value. The market price
of the subsidiary’s shares was $2.50 prior to acquisition by the parent.
Required
You are required to prepare the consolidated statement of financial position of Hinge Co at 31 December 20X5.
There has been no impairment of goodwill.
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 20X5
Hinge Co Singe Co
$ $
Assets
Non-current assets
Property, plant and equipment 32,000 30,000
16,000 ordinary shares of 50c each in Singe Co 50,000
82,000
Current assets 85,000 43,000
Total assets 167,000 73,000
Equity and liabilities
Equity
Ordinary shares of $1 each 100,000
Ordinary shares of 50c each 10,000
Share premium account 7,000 4,000
Retained earnings 40,000 39,000
147,000 53,000
Current liabilities 20,000 20,000
Total equity and liabilities 167,000 73,000