0n 1 July 2018, Castle Limited and Maine Limited entered into a joint operation. As part of the agreement: Castle Limited will contribute cash of $2,000,000 and an item of plant with a carrying amount of $800,000 and a fair value of $1,000,000 I'vlaine Limited will contribute cash of $2,500,000 and an item plant with a carrying amount of $600,000 and a fair value of $500,000. Both items of plant contributed to the joint operation are considered to have a further useful life of ten (10) years as at 1 July 2015. The new plant purchased by the joint operation was made on 1 January 2010 and is considered to have a useful life of ten (years) also. In accordance with contractual agreement, the two parties will share the output in proportion to their contributions. Each joint operator has sold T0% of the output distributed by the joint operation during the year. As part of the contractual agreement Maine Limited has been assigned responsibility for the day-to-day management of the joint operation. The cost of providing this service is $100,000 and mark up of 20% is added to the nal invoice to the joint operation. The following represents the costs incuned by the joint operation for the year ended 30 June 2019. Costs of Production $ Wages 025,000