On 1 January 20X5, Scott Ltd gained control of Hagen Ltd by acquiring 70% of its shares for $350 000. At this date, Hagen had share capital of $320 000 and retained profits of $40 000. All assets and liabilities of Hagen were recorded at their fair values. Below is an extract of financial information of both entities as at 31 December 20X6, the end of the current financial year (FY20X6): Scott Ltd Hagen Ltd Net profit 240 000 79 000 Retained profits (opening) 150 000 65 000 Profit available 390 000 144 000 less Dividend paid 120 000 50 000 Retained profits (ending) 270 000 94 000 Share capital 450 000 320 000 Owners equity 720 000 414 000 Additional information: The partial goodwill method is used. Hagen paid dividends in FY20X6. During FY20X6, Scott sold inventories to Hagen for $19 000. The inventories originally cost Scott $9 000. 60% of the inventories were sold by Hagen to external parties as at 31 December 20X6. Hagen sold a vehicle to Scott on 1 January 20X6 for $69 000. The vehicle originally cost Hagen $ 100 000 and had a zero residual value. Hagen depreciated the vehicle at the rate of 20% p.a. using the straight-line method. The vehicle was 2 years old at the time of the intragroup sale. The vehicles residual value and useful life were not affected by the sale. Scott depreciates the vehicle also using the straight-line method. Required: a) Prepare all the necessary consolidation journal entries at 31 December 20X6. Note 1) Use the provided journal entry template to enter your answer. 2) Workings/calculations or narrations are NOT required. 3) The template should provide enough space. However, if you find the space is insufficient in the template or encounter a table formatting issue, write your journal entries below the template and ensure labelling DR or CR. b) Which intragroup transactions did the parent entity (Scott) make a profit from? Do you need to deduct the amount from the subsidiary (Hagen)'s equity before calculating the NCI share of its equity? c) Which intragroup transactions did the subsidiary (Hagen) make a profit from? Do you need to deduct the amount from the subsidiary (Hagen)'s equity before calculating the NCI share of its equity? d) Calculate the NCI allocation for the following equity items of Hagen for the year ended 31 December 20X6. Show workings. NCI allocations ($) Net profit Retained profits (opening)