Question 3 -p (12 marks) Bravile Ltd acquired 80 percent share capital of Watpack Ltd. On 1 July 2018 for a cost of $4000p00. As at the date of acquisition, all assets and liabilities of Watpack Ltd were fairly valued except a land that has a carrying value $400000 less than the fair value. The recorded balance of equity of Watpack Ltd as at 1 July 2018 were as: Share capital Retained earnings $2800000 $800000 Total $3600000 Additional information: Themanagement of Bravile Ltd values ontcontrolling interest at th . share of watpack.Ltd identifiable netassets -, iet ee . r rti Watpack Ltd has a profit after tax of $600000 for the year ended 30 June 2019 During the financial year to 30 June 2019 Watpack Ltd sold inventory fo Bravile Ltd for a price of $480000. The inventory costs Watpack Ltd $240000 toprodece 25 percent of the inventory are still on the hand of Bravile Ltd as at 30 Jtne 20 . During the year Watpack Ltdpaid $80000in anagement fees fo Bravle ad On 1 July 2018, Watpack Ltd sold an item o splantto Bravile $320000 The equipment had a cafrying value of $240000 (CoS $400000 aboumuated depreciation $160000). At the date of sale it was expected that the qquiphtent had remaining life of 4 years and no residual value The tax rate is 30 percent-a . Required (a) Based on the above information, calculate the hon-controlling interest as at 30 Jun 2019. (7 marks) (b) Pass necessary journal entry to recognise the non-controlling interest as at 3b June 2019