On 1 July 2021 BHP Ltd enters into a joint arrangement with RIO Ltd. Both parties commit themselves to a contractual arrangement in which BHP Ltd contributes plant and machinery with a fair value of $28 million; RIO Ltd contributes cash of $14 million and land with a fair value of $14 million, which is considered to be a good site for the extraction of minerals. The cash that is contributed is used partly to acquire some additional machinery at a cost of $10 million, with the remaining cash balance to meet operational requirements. Additional information: The machinery contributed by BHP Ltd has a carrying amount of $30 million (cost $40 million; accumulated depreciation $10 million) and a fair value of $28 million. The land contributed by RIO Ltd has a carrying amount of $13 million and a fair value of $14 million. All current and future contributions are to be based on a 50:50 split, as are the future distributions of output. Required: a) Prepare the journal entries that would appear in the journals of BHP Ltd to record the establishment of the joint operation on 1 July 2021. You need to demonstrate the necessary explanations /descriptions with supporting calculations. [8 +5 = 13 Marks] b) Prepare the journal entries that would appear in the journals of RIO Ltd to record the establishment of the joint operation on 1 July 2021. You need to demonstrate the necessary explanations /descriptions with supporting calculations