JOINT PRODUCTION OPERATIONS (12 marks) On 1 July 2021, Sushi Ltd entered into a 50:50 joint operation with Tacos ltd to produce Sushi Tacos, It was agreed that each operator would share output and costs equally. Sushi Ltd contributes cash of $27.5 million while Tacos Ltd contributes the following assets. Extract of baiance sheet as at 30 June 2022 : Additional information: 1. Sushi Ltd was appointed manager of the joint operation. 2. The tax rate is 30%. Required: A. Prepare all journal entries required to record the initial investment for Taco Ltd, including any asset impairment. ( 8 marks) B. Prepare the journal entries recorded by Taco Ltd on 30 June 2022 to record its share of assets in the joint arrangement. (4 marks) JOINT PRODUCTION OPERATIONS (12 marks) On 1 July 2021, Sushi Ltd entered into a 50:50 joint operation with Tacos ltd to produce Sushi Tacos, It was agreed that each operator would share output and costs equally. Sushi Ltd contributes cash of $27.5 million while Tacos Ltd contributes the following assets. Extract of baiance sheet as at 30 June 2022 : Additional information: 1. Sushi Ltd was appointed manager of the joint operation. 2. The tax rate is 30%. Required: A. Prepare all journal entries required to record the initial investment for Taco Ltd, including any asset impairment. ( 8 marks) B. Prepare the journal entries recorded by Taco Ltd on 30 June 2022 to record its share of assets in the joint arrangement. (4 marks)