4: Accounting for investments in associates S Ltd acquired 25% of M Ltd on 01 July 2020 for cash consideration of $240,000. Shareholder equity of M Ltd as follows, Share capital $300 000 Retained earnings $200 000 Total shareholders' $500 000 equity Additional information On 1 July 2020, M Ltd purchased a building for $160,000and fair value is $200,000. Useful life of the asset is 20 years after 01 July 2020 For the year ending 30 June 2021, M Ltd record an after tax profit of 60,000 and pays dividend 20,000 For the year ending 30 June 2022, M Ltd record an after tax profit of 200,000 and pays dividend 100,000 S Ltd has a number of subsidiaries. The tax rate equals 30 per cent. Required: Provide journal entries for the period ending 30 June 2021 and 30 June 2022. Show all your workings