Odom Ltd purchased a $30\%$ shareholding in Bryant Ltd on $1$ Jan $20$X$7$ for $$60000.$ This purchase resulted in Odom Ltd having significant influence over Bryant Ltd$.$ Bryant$$s assets were recorded at fair values and its owners$$ equity, totalling $$180000,$ was:

Share capital $$80000$

Reserves $$60000$

Retained profits $$40000$

During $20$X$7$ Bryant Ltd reported profit of $$100000,$ from which a dividend of $$60000$ was paid. Also, during the year, Bryant revalued its assets upwards by $$50000,$ and sold inventories to Willams Ltd which is the subsidiary of Odom. Bryant made a profit of $$4,000.$ Half of the inventories were still held by Willams by the year$-$end. Odom Ltd has an $80\%$ equity interest in Willams Ltd$.$

Required:

Prepare journal entries for Odom Ltd to account for its investment in Bryant Ltd using the Equity Method. Use the Reclassification Method to account for the profit and dividends that Odom shares from Bryant. $($Using the provided journal entry template to enter your answer; workings$/$calculations or narrations are NOT required.$)$