Investigate 5. Gold Ltd's main area of interest is the production of glass products. Star Ltd manufactures products that require the employment of artists with skills in fine etchings. After negotiations, on 1 July 2019 the executives of both companies reached an agreement to establish a joint operation that would be involved in the production of fine glass tableware. Under the contractual agreement, both operators agreed to invest $420 000 each in the joint operation. Each party to the joint operation would have a 50% interest in the joint operation and the output of the joint operation would be distributed equally to each operator. After the first year of operation the following information about the joint operation was provided at 30 June 2020. Cash Inventories: Finished goods Work in progress Raw materials Plant Accumulated depreciation Total assets Creditors Accrued expenses Total liabilities $ 98000 28000 56 000 56000 350 000 (70000) 518000 70 000 28 000 98.000 The joint operation reported the following costs incurred during the financial year. 5 Salaries and wages Raw materials $196000 126000 Other expenses including depreciation 182000 Total costs incurred 504000 Cost of inventories 448000 Work in progress at 30 June 2020 $ 56000 The joint operation also reported the following cash receipts and payments for the year ending 30 June 2020. Contributions by operators Receipts $840 000 Payments Acquisition of plant at 1 July 2019 $350 000 Acquisition of raw material Salaries and wages Other expenses 112000 168000 112000 742 000 Cash balance at 30 June 2020 $ 98.000 Required In relation to the joint operation for the year ending 30 June 2020 prepare the journal entries in the records of Star Ltd