on 1 july 2016, soff limited purchased a20% shareholding in willaott ltd for a cash consideration of $480000.on the date of acquisition, the shareholders equity of willaot ltd is shown below: share capital $1900000 retained earning $500000 total share holders equity $2400000. additional information:for the year ending 30 june 2017 wiilaot ltd recorded an after tax profit of $280000 and paid a dividend of $60000 from the profit earned in the year ending 30 june 2017. for the year ending 30june 2018,willot ltd records the after tax loss of $50000. on 30 june 2018, willot ltd revalued an item of equvipment upward by $80000[assume a 30%t ax return]. required :prepare the journal entries in the book of soff using equity method?