Question 8 (10 points) Companies and carry forward losses Green Planet Pty Ltd was incorporated to research and develop a new technology to produce biodegradable plastic from seaweed. After making losses for several years, a venture capital company purchased 60% of the shares in the company. The company then discovered that the seaweed to plastic technology can also be used to make an organic fertiliser. This new product contributed 40% of the turnover of the company which turned around and made a profit in the current year