amber Ltd acquired a 45% interest in Drum Ltd in which it invested $195 000 on1 July 2018. Amber Ltd has signed a joint venture agreement with the other investors in Drum Ltd providing joint contol to all investors. The share capital, reserves and retained eamings of Drum Ltd at the investment date and at 30 June 2019 were as follows: 1-lul-18 30-Jun-19 Share capital Asset revaluation surplus 300,000 300,000 100,000 General reserve 15,000 Retained earnings 100,000 114,000 At 1 July 2018, all the identifiable assets and liabilities of Drum Ltd were recorded at amounts equal to their fair values. The following is applicable to Drum Ltd for the year to 30 June 2019: Profit (after income tax expense of $11000): $39 000 Dividends paid to shareholders: $15 000. Increase in reserves General (transferred from retained earnings): $15 000 Asset revaluation (revaluation of freehold land and buildings at 30 June 2019): $100 000 Amber Ltd does not prepare consolidated financial statements. Required: Prepare the journal entries in the records of Amber Ltd for the year ended 30 June 2019 in relation to its investment in the joint venture, Drum Ltd. Focus