On January 1, 20X9, Far Limited purchased 70% of the common shares of Near Limited for $54,900,000. On the date of acquisition, Near's shareholders' equity was as follows:

\begin{array} { | l | r | } \hline \text { Common shares (1,000,000, no par value) } & \$ 5,000,000 \\\hline \begin{array} { l } \text { Preferred shares (200,000, no par value, } \$ 3 \text { dividend, } \\\text { callable at } \$ 65 ; \text { cumulative and non-voting) }\end{array} & 11,500,000 \\\hline \text { Retained earnings } & \$ 1,600,000 \\\hline \text { Total } & \$ 81,000,000 \\\hline\end{array}

The fair value of Near's assets on the date of acquisition equalled their carrying value, except for a trademark worth $500,000 that was not on Near's books. The trademark is estimated to have a useful life of 10 years. During the fiscal year ended December 31, 20X9, Near earned a net income of $1,700,000, and paid dividends of $800,000.
Required:
What is the non-controlling interest on the consolidated statements of financial position at December 31, 20X9?
The company uses the entity approach to calculate goodwill.

Under IFRS, Which of the Following Statements Is True

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