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On 1 July 2019, That Led entered into a 50-50 joint operation with Lol Led to produce Hair conditioners It was agreed that each operator would share output and costs equally. Thor Led's contribution: Fair value Cash $17 million Loki Lid's contribution; Fair value Land $1 million (carrying amount is $3.5 million) Plant $16 million feast $28 million, accumulated depreciation $18 million) For the year ended 30 June 3020 the following financial statements were prepared by the joint persto manager Extract of Bulune sheet as at 30 June 2020 $1000 Cash 400 Inventory-WIP 1,200 Plant 29,000 Land 4,000 Total assets 34,600 Additional information: 1. Thor Led was appointed manager of the joint operation. 2. The tax rate is 20%. Requirements: (i) Prepare all journal entries required to record the initial investment for Loki Led, including any asset impairment. (2 marks) (ii) Prepare the journal entries recorded by Loki on 30 June 2020 to record its share of assets in the joint arrangement. (4 marks)