Giant Ltd acquired 80 percent share capital of Expert Ltd. On 1 July 2018 for a cost of $1,600,000. As at the date of acquisition, all assets and liabilities of Expert Ltd were fairly valued except a land that has a carrying value $150,000 less than the fair value. The recorded balance of equity of Expert Ltd as at 1 July 2018 were as: Share capital Retained earnings $800,000 $200,000 $400,000 51,400,000 General Reserve Total Additional information: HCLMES INNTITUTE The management of Glant Ltd values non-controlling interest at the proportionate share of Expert Ltd identifiable net assets. Expert Ltd has a profit after tax of 5200,000 for the year ended 30 June 2019. During the financial year to 30 June 2019, Expert Ltd sold inventory to Giant Ltd for a price of $120,000. The inventory costs Expert Ltd $60,000 to produce. 25 percent of the inventory are still on the hand of Giant Ltd as at 30 June 2019. • During the year Expert Ltd paid S60,000 in consultancy fees to Giant Ltd. On 1 July 2018, Expert Ltd sold an item of plant to Giant Ltd saoc00. The equipment had a carrying value of $60,000 (Cost $100,000, accumulated depreciation $40,000). At the date of sale, it was expected that the equipment had a remaining life of 4 years and no residual value. The tax rate is 30 percent. Required: a) Based on the above information, calculate the non-controlling interest as at 30 June 2019. b) Prepare the necessary journal entries to recognise the non-controlling interest as at 30 June 2019.