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Investor Limited purchased 30% of the shares of Investment Co on January 1, 2020 for $180,000 which gives it significant influence over Investment Co. The purchase price discrepancy schedule on January 1, 2020 was correctly. prepared as follows: $180,000 Purchase price: Less 30% of Investment Co. Book value Purchase price discrepancy: (36,000). 144,000 PPD allocated to: 1. FMV Increments a. Inventory b. Equipment 6,000 1,500 2. Goodwill 136,500 144,000 For the year ended December 31, 2020, Investment Co reported a net income of $190,000. Equipment is amortized straight-line over 5 years with no residual value. Goodwill was impaired by 10% in 2020. On December 31, 2020, Investment o declared a total dividend of $25,000 which will be paid in 2021. On December 31, 2020, Investor's investment in Investment Co had a fair market value of $310,000 on the Toronto Stock Exchange and reports under IFRS. REQUIRED: Prepare all entries needed for 2020 by Investor Limited to record its investment in Investment Co using the Equity Method. You must show calculations/descriptions for journal entries in order to receive marks for your response