This Assignment is worth 20% of the total assessment for this unit. This assignment will be marked out of 80 and scaled down to being out of 20. The assignment has 4 questions. Question 1. On 1 July 2017, Bolan Ltd purchased 40% of the shares of Rex Ltd for $151 680 and signed a joint venture agreement with the two other shareholders in Rex Ltd. At that date, equity of Rex Ltd consisted of: Share capital $300 000 Retained earnings 25 400 At 1 July 2017, the identifiable assets and liabilities of Rex Ltd were recorded at amounts equal to their fair values. Information about income and changes in equitj,r for both companies for the year ended 30 June 2020 was as shown. Profit before tax Income tax expense Profit Retained earnings (1!?!19) Bolan Ltd 15 62 400 25 440 36 960 43 200 30 160 (12 000) (24 000) (36 000) $.44 160 Rex Ltd $ 56 400 (12 960} 43 440 3B 400 31 340 (9600) (12 000) (21 600) $ 60 240 Dividend paid Dividend declared Retained earnings (30f6f20 Additional information (a) Bolan Ltd recognised the final dividend revenue from Rex Ltd before receipt of cash. Rex Ltd