After a year operation, United Alliance Inc. has extra cash on hands and the board and directors have voted to invest in its long term supplier, Power Tools Inc. On January 1, 2018, United Alliance purchase 35% of the outstanding voting stock of Power Tools with the price of $500,000. The equity method is used to account for the investment. The following data relate to this investment. (20 marks) 2017 Net income reported by Power Tools Inc. was $250,000. Dividends payment was declared by Power Tools Inc. amounted to $10,000. on December 31, 2016 the market value of United Alliance Inc. investment was $300,000. 2018 Dividends received from English Court Corporation amounted to $10,000 on January 2nd, 2019 The investment was sold on January 3rd, 2019, for $320,000. Prepare all journal entries for 2018 and 2019 relating to United Alliance's investment in Power Tools Inc.