Kingdom acquired 80% of Westville on 1 January 20X5 for £280,000 when Westville had share capital of £100,000 and retained earnings of £188,000. On this date the fair value of the NCI was £67,000. Kingdom's policy is to value NCI using the fair value methad. Goodwill has suffered no impairment since acquisition. On 30 June 20X8, Kingdom disposed of its investment in Westville, raising proceeds of £350,000. The following are extracts from the accounts of Westville for the year ended 31 December 20X8: Retained earnings b/f £215,000 Profit for the year£24,000 A final dividend for 20X7 of £10,000 was paid on 14 March 20X8. This has not yet been accounted for. Required: What is the profit or loss on disposal in the group accounts for the year ended 31 December 20X8?Proceeds Less: Amounts recognised prior to disposal Net assets of Westville (£100,000 + £215,000 + (1/2 x £24,000) - £10,000) 317,000 Goodwill (£280,000 + £67,000) — (£100,000 + £188,000) 59,000 NCI at disposal FV NCI at acquisition (67,000) NCI share of post-acquisition profits at acquisition date (£188,000 - (215,000 + 6/12 x £24,000 —£10,000)) x 20% (5,800) Profit on disposal 350,000 (303,200) 46,800