On 1 April 19X7, FRY Ltd purchased 10,000 ordinary shares of \(£ 1\) each, fully paid, in TLS Ltd at a cost of \(£ 20,500\).

- On 1 September 19X7, TLS Ltd declared and paid a dividend of 15 per cent on its ordinary shares for the year ended 30 June \(19 X 7\).

- On 1 November 19X7, TLS Ltd gave its eight members the right to subscribe for one ordinary share for every eight held on 1 November \(19 \mathrm{X} 7\), at a price of \(£ 1.5\) per share, payable in full on application.

- On 15 November 19X7, FRY Ltd purchased for \(£ 0.4\) per share the rights of another shareholder in TLS Ltd to subscribe for 750 shares under the rights issue.

- On 30 November 19X7, FRY Ltd applied and paid for all the shares in TLS Ltd to which it was then entitled.

- On 8 September 19X8, TLS Ltd declared and paid a dividend for the year ended 30 June 19X8, of 15 per cent on all ordinary shares, including those issued in 19X7.

- On 1 October 19X8, FRY Ltd sold 4,500 ordinary shares in TLS Ltd for \(£ 9,875\).

- The accounting year of FRY Ltd ends on 31 December.

- FRY Ltd does not make apportionments of dividend received or receivable. When part of a holding of shares is sold, it is the practice of this company to calculate the cost of the shares sold as an appropriate part of the average cost of all the shares held at the date of the sale.

You are required to show the investment account in the books of FRY Ltd for the two years ended 31 December 19X7, and 31 December 19X8, bringing down the balance at the end of each year.

Ignore taxation.