(C) When calculating the NCI share of equity the step approach is used. Demonstrate the step approach, explaining in detail each journal entry, using the following information: Harnesh Ltd acquired 80% of Maxima Ltd for $450 000 cash on 1 July 2017. At that date the equity of Maxima included the following: Share Capital General Reserve Retained Earnings $400 000 50 000 50 000 500 000 All assets and liabilities of Maxima Ltd are at fair value. On 30 June 2019, Maxima Ltd provided the following information: Retained earnings (1/7/18) General Reserve (1/7/18) Profit after tax $ 80 000 70 000 50 000