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Elsa had acquired 80% of the 600 million, $1 shares of Randell, for a cash consideration of $800 million on December 1, 2018. On that date, the fair value of the non-controlling interest in Randell was $190 million, and the retained earnings and other components of equity of Randell were $300 million and $10 million respectively. On November 30, 2019, Elsa sold 5% shareholding in Randell for $60 million, when Randell's retained earnings and other components of equity were $450 million and $30 million respectively.
Question 1: Explain, with appropriate workings how the figure of non-controlling interest should be calculated for inclusion in the consolidated statement of financial position of the Elsa group as at November 30, 2019.
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