Adjustments where investor prepares and does not prepare consolidated financial statements  LO3, 4, 5 Brown Ltd acquired a 30% interest in Bandicoot Ltd for $50 000 cash on 1 July 2018. The directors of Brown Ltd believe this investment represents significant influence over the investee. The equity of Bandicoot Ltd at the acquisition date was as follows. Share capital $ 30 000 Retained earnings 120 000 All the identifiable assets and liabilities of Bandicoot Ltd were recorded at fair value. Profits and dividends for the years ended 30 June 2019 to 2021 were as follows. Profit before tax Income tax expense Dividends paid 2019 $80 000 $30 000 $80 000 2020 70 000 25 000 20 000 2021 60 000 20 000 10 000 Required 1. Prepare journal entries in the records of Brown Ltd for each of the years ended 30 June 2019 to 2021 in relation to its investment in the associate, Bandicoot Ltd. (Assume Brown Ltd does not prepare consolidated financial statements.) 2. Prepare the consolidation worksheet entries to account for Brown Ltd’s interest in the associate/joint venture, Bandicoot Ltd. (Assume Brown Ltd does prepare consolidated financial statements.) 3. Calculate the carrying amount of the investment in Bandicoot Ltd at 30 June 2021.