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QUESTION 6 10 points George Led acquired 25% interest in Whiting Lid on 1 July 2019, for a cost of $350,000. The equity of Whiting Lid at acquisition date consisted of share capital $700,000 and retained earnings $100,000 All the identifiable net assets of Whiting Lid at 1 July 2019 were recorded at fair values except for an itern of plant with a fair value of $20,000 greater than carrying amount. The plant has a useful life of 10 years. For the year ended 30 june 2020, Whiting recorded an after tax profit of $500,000. The following inter-entity transactions occurred between George Led and Whiting Lid: (a) On 1 January 2020. George Led sold a machine costing $204, 000 to Whiting Led for $222, 000. Whiting Lid applied a depreciation rate of 10%% per annum on cost to the machine. (bj On 1 July 2019. Whiting itd sold inventories to George Led for $55 000. The original cost was $40,000. George Ltd sold 20% of this inventory externally by 30 june 2020 for $80,000. () On 1 June 2019. Whiting Led sold inventories to George Led at a profit of $25,000 before tax. On 30 June 2019. this inventory remained unsold. George Led sold this entire inventory to external parties for $57,000 on 28 May 2020. George Lid applies AASB 128/AS 28 in accounting for its investment in Whiting Led and does not prepare consolidated financial statements. The tax rate is 30%%. Required: Calculate George Lid's share of profit for the year ended 30 June 2020. Show all workings