On 1 July 2016, ABC Ltd purchased a 20 per cent shareholding in DFF Ltd for a cash consideration of $480 000. On the date of acquisition, the shareholders equity of DFF Ltd is shown below: Share capital $1 900 000 Retained earnings $ 500 000 Total shareholders equity $2 400 000 Additional information: For the year ending 30 June 2017 DFF Ltd recorded an after-tax profit of $280 000 and paid a dividend of $60 000 from the profit earned in the year ending 30 June 2017. For the year ending 30 June 2018, DFF Ltd records an after-tax loss of $100 000. On 30 June 2018, DFF Ltd revalued an item of equipment upwards by $80 000, resulting in an increase of $56,000 in Asset Revaluation Surplus account (assume a 30% tax rate). Required: Prepare the journal entries required for the year ending 30 June 2017 and 30 June 2018 in the books of ABC Ltd using Equity Accounting Answer text Rich text editor