Jill Ltd, a parent company, has a 25% investment and hence significant influence) in Andrew Ltd for 10 years. Jill Ltd's accountant has mislaid the file of equity accounting memoranda and has asked you to reconstruct the information from the following data: The investment cost is $680 000. Andrew Ltd made a $300 000 dividend appropriation in the final quarter of the current year. The dividend was from current year profit. There is no need to make fair value adjustments to amounts reported by Andrew Ltd. Impairments of the investment's equity method carrying amount totalled $40 000, all relating to previous years. Impairment recognition in Jill Ltd's separate financial statements was not necessary. There are no intercompany transactions. Equities of Andrew Ltd, under the cost basis, are at: Acquisition date Start of current year End of current year $ $ $ Paid-up capital 1 000 000 1 000 000 1 000 000 General reserve 900 000 1 100 000 1 100 000 Retained profits 500 000 700 000 Required: Prepare memoranda journal entries to convert from the cost basis to the equity method of accounting for the current year. Also, use the separate recognition method to account for the profit and dividend that Jill Ltd shares from Andrew Ltd. (6 marks) Reminder: No marks will be awarded to workings/calculations. Clearly label the DR and CR sides for each elimination entry (otherwise no marks). Narrations are not required for journal entries