Mammoth Ltd acquired 80 percent share capital of Tinny Ltd. On 1 July 2021, for a cost of $1600000. As at the date of acquisition, all assets and liabilities of Tinny Ltd were fairly valued except land that has a carrying value of $150000 less than the fair value. The recorded balance of equity of Tinny Ltd as of 1 July 2021was as: Share capital $800000 Retained earnings $200000 Revaluation surplus $400000 .. Total $1400000 Additional information: The management of Mammoth Ltd values non-controlling interest following the net method. Tinny Ltd has a profit after tax of $200000 for the year ended 30 June 2022. During the financial year to 30 June 2022, Tinny Ltd sold inventory to Mammoth Ltd for $120000. The inventory costs Tinny Ltd $60000 to produce. 25 percent of the inventory is still in Mammoth Ltd's hand as of 30 June 2022. During the year,Tinny Ltd paid Mammoth Ltd $60000 in management fees. The tax rate is 30 percent. Required: a) Based on the above information, calculate the non-controlling interest as at 30 June 2022. b) Pass necessary journal entries to recognise the non-controlling interest as of 30 June 2022.