A Lul acquired 30% interest in i Lad for $300 000 an incorporation of Lad (January 2019). In terms of a contractual agreement A Lid, together with other operators, exercises joint control over the economic activities of B Ltd. The contractual agreement specifies that all revenues, expenses, assets and liahilities are allocated according to the respective interests held by the operators. The arrangement is classified as a joint operation as per the requirements of IFRS 11. Joint Arrangements. Here follow extracts of the financial statements of ALad Group and B Led for the year ended 31 December 2019- Consolidated Statement of Financial Position as at 31 December 2019 A Lad Group Blad Assets Property plant and equipment 1 200 000 Investment in Lid it out 300 000 Inventory 200 000 O 000 I 700 000 1 450 000 Equity and abilities Share capital 500 000 1 000 000 Retained carnis 800 000 450 X Non-Controllin Interest 100 000 70 000 1450 00 650 000 Consolidated Statement of Profit or Linx and Other Comprehensive Income for year endeal 31 December 2019 Reremie 2 500 000 I SON 000 Cost of goods sold (1 400 000) (I TO Grossfit 1 100 000 700 000 Otherine 514000 325 x Other expenses (120) (1250000 Profit before tas 1514000 9000 Income tax expense (480 OKO) (270 X Profit for the year 1034 000 630 000 Other comprensive income Total comprehensive income 1034 000 6.30 Tutal com hensive inte attributable to: Owners of the parent 770 000 0 000 Page 3 of 4 Non-Controlling Interest 264000 1034000 Extract Consolidate Statement of Changes in Equity for year ended 31 December 2019 ALG Blad Retained Retained carines earnings lalance as Jan 2019 150 000 Chunues in equity Total comprehensive income Profit for the year 770 000 OXO Dividend paid (120 000) (180 ODIO) Ralunce as at 31 December 2019 MOOOOO 450 000 Note It On March 2019. AL Group sold lanel to the joint operation, BL, at its fair value of N$150 000. The land had a carrying amount of N$120.000 in the records of A Lad Group, Note 2: On October 2019. La soli plant to A Le Group at a profit of NS120 000. It is the entity's policy to depreciate plant using the straight-line method. At the date of sale, the remaining useful life of the plant is 5 years, which is consistent with the tax allowance of the South African Revenue Service. The profit on sale of the plant is included in the income in the reconds of BIL Note : Assume a cal tax rate of 28%. Required: 2.1 Prepare Journal entries to account for joint operations in AL Group's financial 15 statements for the year ended 31 December 2019 2.2 Prepare ONLY the awet section of the Consolidated Statement of Financial 15 Position as at 31 December 2019 23 Prepare the Consolidated Statement of Prob Low and Other Comprehensive 15 Income for year ended 31 December 2019 A Lul acquired 30% interest in i Lad for $300 000 an incorporation of Lad (January 2019). In terms of a contractual agreement A Lid, together with other operators, exercises joint control over the economic activities of B Ltd. The contractual agreement specifies that all revenues, expenses, assets and liahilities are allocated according to the respective interests held by the operators. The arrangement is classified as a joint operation as per the requirements of IFRS 11. Joint Arrangements. Here follow extracts of the financial statements of ALad Group and B Led for the year ended 31 December 2019- Consolidated Statement of Financial Position as at 31 December 2019 A Lad Group Blad Assets Property plant and equipment 1 200 000 Investment in Lid it out 300 000 Inventory 200 000 O 000 I 700 000 1 450 000 Equity and abilities Share capital 500 000 1 000 000 Retained carnis 800 000 450 X Non-Controllin Interest 100 000 70 000 1450 00 650 000 Consolidated Statement of Profit or Linx and Other Comprehensive Income for year endeal 31 December 2019 Reremie 2 500 000 I SON 000 Cost of goods sold (1 400 000) (I TO Grossfit 1 100 000 700 000 Otherine 514000 325 x Other expenses (120) (1250000 Profit before tas 1514000 9000 Income tax expense (480 OKO) (270 X Profit for the year 1034 000 630 000 Other comprensive income Total comprehensive income 1034 000 6.30 Tutal com hensive inte attributable to: Owners of the parent 770 000 0 000 Page 3 of 4 Non-Controlling Interest 264000 1034000 Extract Consolidate Statement of Changes in Equity for year ended 31 December 2019 ALG Blad Retained Retained carines earnings lalance as Jan 2019 150 000 Chunues in equity Total comprehensive income Profit for the year 770 000 OXO Dividend paid (120 000) (180 ODIO) Ralunce as at 31 December 2019 MOOOOO 450 000 Note It On March 2019. AL Group sold lanel to the joint operation, BL, at its fair value of N$150 000. The land had a carrying amount of N$120.000 in the records of A Lad Group, Note 2: On October 2019. La soli plant to A Le Group at a profit of NS120 000. It is the entity's policy to depreciate plant using the straight-line method. At the date of sale, the remaining useful life of the plant is 5 years, which is consistent with the tax allowance of the South African Revenue Service. The profit on sale of the plant is included in the income in the reconds of BIL Note : Assume a cal tax rate of 28%. Required: 2.1 Prepare Journal entries to account for joint operations in AL Group's financial 15 statements for the year ended 31 December 2019 2.2 Prepare ONLY the awet section of the Consolidated Statement of Financial 15 Position as at 31 December 2019 23 Prepare the Consolidated Statement of Prob Low and Other Comprehensive 15 Income for year ended 31 December 2019