P O WORDS POWERED BY TINY QUESTION 4 Accounting for associates and joint ventures: 22 points Save Answer John Ltd acquired 25% interest in Mayer Ltd on 1 July 2019. All identifiable net assets of Mayer Ltd were recorded at fair values except for an item of plant with a fair value of $40,000 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 interim dividend of $30,000 on 1 September 2021. The following inter-entity transactions occurred between the two entities: (a) On 1 July 2021, John Ltd sold a machine costing $304, 000 to Mayer Ltd for $322, 000. Jones Ltd applied a depreciation rate of 10% per annum on cost to the machine. (b) On 30 April 2022, Mayer Ltd sold inventories to John Ltd for an after tax profit of $3,500. John Ltd sold 20% of this inventory externally by 30 June 2022 for $80,000. (c) On 30 June 2022, Mayer Ltd declared a dividend of $10,000. John Ltd applies AASB 128/IAS 28 in accounting for its investment in Mayer Lid and does not prepare consolidated financial statements. The tax rate is 3096. 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 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans,sa... 10pt v Ev A v v IX ... E E E X2 X2 + 1BC V V A Activate Windows Go to Settings to activate Save All Answers Save and Subm Click Save and Submit to save and submit. Click Save All Answers to save all answers. TOL