WORDS POWERED BY TWY QUESTION 4 Accounting for associates and joint ventur John Lnd acquired 25% interest in Mayer Lad on 1 July 2015. Al identifiable net assets of Mayer Lhd were coded at a values except for antem of plant with a fair value of $4000 greater than carrying amount. The plant has a useful life of 10 years, using a straight line depreciation method For the year ended 30 June 2022, Mayer Ltd recorded an after tax profit of $450,000 and paid an intan dividend of $30,000 on 1 September 2021. The following inter entity transactions occurred between the two entie (a) On 1 July 2021, John Ltd sold a machine costing $304, 000 to Mayer Lad for $322, 000s Ltd applied a depreciation rate of 10% per annum on cost to the machine d) On 30 Apr 2022, Mayer Ltd sold inventories to john Ltd for an after tax profit of $3.500 John Lad sold 20% of this inventory extemally by 30 June 2022 for $80,000 03 On 30 June 2022, Mayer Ltd declared a dividend of $10,000 John Ltd applies AASB 1281AS 28 in accounting for its investment in Mayer Ltd and does not prepare consolidated financial statements. The tax rate is 30 Required a) Calculate John Ltd's share of profit for the year ended 30 June 2022. Show all workings (12 marks) b) Prepare all entries for the year ended 30 June 2022. Ignore narrations (10) For the toolbar, press ALT+F10 (PC) or ALT+F+F10 (Mac BIVS Paragraph Open Sans, Y 10pt xx, 55 3 ~ Click Save and Submit to save and submit Click Save All Answers to save all answers. W MacBook Air B 34 * 00 Save All Answers Save and Subma