The following information is relevant:

(i)   Prodigal’s policy is to revalue the group’s land to market value at the end of each accounting period. Prior to its acquisition Sentinel’s land had been valued at historical cost. During the post acquisition period Sentinel’s land had   increased   in   value   over   its   value   at   the   date   of   acquisition   by   $1   million.   Sentinel   has   recognised   the revaluation within its own financial statements.

(ii)  Immediately after the acquisition of Sentinel on 1 October 2010, Prodigal transferred an item of plant with a carrying amount of $4 million to Sentinel at an agreed value of $5 million. At this date the plant had a remaining life of two and half years. Prodigal had included the profit on this transfer as a reduction in its depreciation costs.All depreciation is charged to cost of sales.

(iii) After the acquisition Sentinel sold goods to Prodigal for $40 million. These goods had cost Sentinel $30 million.$12 million of the goods sold remained in Prodigal’s closing inventory.

(iv)  Prodigal’s policy is to value the non-controlling interest of Sentinel at the date of acquisition at its fair value which the directors determined to be $100 million.

(v)   The goodwill of Sentinel has not suffered any impairment.

(vi)  All items in the above statements of comprehensive income are deemed to accrue evenly over the year unless otherwise indicated.