a). Explain why a non-controlling interest is entitled to a share of consolidated profit. (3 marks) b). On 1st July 2020 Jax Ltd purchased 90% of the issued share of Elf Ltd for $315 000. At that time the equity of Elf Ltd was as follows: Share Capital Retained Earnings $240 000 60 000 All identifiable assets and liabilities of Elf Ltd were recorded at fair value as at 1 July 2020 except for the following: Inventory Land Machinery (net) Liabilities Carrying Amount $27 000 140 000 120 000 23 000 Fair Value $28 600 150 000 135 000 23 000 The machinery has a further life of 10 years, using straight line depreciation. Differences between carrying amounts and fair values are recognised on consolidation. Jax Ltd uses the partial goodwill method. The tax rate is 30%. Required: i). What are the entries for the consolidation worksheet as at 1 July 2020? (7 marks) ii). Provide the worksheet entry for the NCI share of equity at 1 July 2020. (2 marks)