Accounting for associates and joint ventures:

Seaside Ltd acquired 25% interest in Bayview Ltd on 1 July 2020. All identifiable net assets of Bayview Ltd were recorded at fair values. The following is the financial information since acquisition date:

Year ended 30 June	Profit-after tax	Dividends paid
2021	$100,000	$10,000
2022	$150,000	$5,000

The following inter-entity transactions occurred between the two entities:

(a) On 1 July 2020, Seaside Ltd sold a building costing $504, 000 to Bayview Ltd for $522, 000. Bayview Ltd applied a depreciation rate of 5% per annum on cost to the building.

(b) In June 2021, Bayview Ltd sold inventories to Seaside Ltd at a before-tax- profit of $5,000. On 30 June 2021, all of this inventory remained unsold by Seaside Ltd. All inventory was sold by 30 June 2022 to external parties. Seaside Ltd applies AASB 128/IAS 28 in accounting for its investment in Bayview Ltd and does prepare consolidated financial statements. The tax rate is 30%.

Required:

a) Calculate Seaside Ltd's share of profit for the year ended 30 June 2022. Show all workings.

b) Work on all entries for the year ended 30 June 2022. Show all workings. Ignore narrations.