Accounting · Investments in Associates

Ruby Co owns 30% of Emerald Co and exercises significant influence over it. Emerald Co reports a profit of $1,980,000 in its individual financial statements for the year ended 30 September 20X7. During the year, Emerald Co sold goods to Ruby Co for $160,000. Emerald Co applies a one-third mark-up on cost. Ruby Co still had 25% of these goods in inventory at the year end. What amount should be recognised as the share of profit from the associate in the consolidated statement of profit or loss of Ruby Co for the year ended 30 September 20X7?