The called up share capital of Jerry consists of the following:
1,000,000 ordinary shares of €1 each
800,000 10% preference shares of €1 each
On 1 April 20x4, Tom acquired 80% of the ordinary shares in Jerry. The income statement of Jerry foe year ended 31 December 20x4, disclosed net profit of € 320,000.
The non–controlling interest in respect of Jerry which was shown on the consolidated statements of Tom for the year ended 31 December 20x4 was:
a) € 36,000
b) € 48,000
c) € 64,000
d) € 96,000