Puay Ltd has a 75% interest in Chye Ltd, which it acquired on 1 July 20x2. At 30 June 20x3, Puay Ltd had inventory of $80,000 which had been purchased from Chye Ltd at a profit of $15,000. The following transactions relate to the year ended 30 June 20x4:
(a) Chye Ltd sold inventory to Puay Ltd for $250,000. The inventory had cost Chye Ltd $200,000. Puay Ltd has this entire inventory on hand at year end.
(b) Puay Ltd sold inventory to Chye Ltd for $80,000. The inventory had cost Puay Ltd $55,000. Chye Ltd has half of this inventory on hand at year end.
(c) The operating profit after tax of Puay Ltd is $900,000 and for Chye Ltd is $800,000.
(d) The company tax rate is 30%. The directors have applied the impairment test of goodwill annually and determined that a write-down of $10,000 is required for consolidation purposes as at 30 June 20x4.
Required:
Calculate the NCI in Chye Ltd's operating profit after tax and Puay Ltd's share of consolidated profit after tax for the year to 30 June 20x4.
[adapted from: Dagwell, R., Wines, G. & Lambert, C. (2012). Corporate accounting in Australia: Pearson Australia]