) On 1 July 2017, Redback Ltd purchased 35% of the shares of Tarantula Ltd for $350 000 and signed a joint venture agreement with the two other shareholders in Tarantula Ltd. At that date, equity of Tarantula Ltd consisted of: Share capital Retained earnings $700 000 275 000 The identifiable assets and liabilities of Tarantula Ltd were recorded at amounts equal to their fair values at 1 July 2017. Additional information: (i) For the year ended 30 June 2019, Tarantula Ltd reported an after-tax profit of $210 000. (ii) Tarantula Ltd sold Redback Ltd some office equipment for $11 500 on 1 October 2018. The equipment had originally cost Tarantula Ltd $16 000 and was written down to $8 000 for both tax and accounting purposes at time of sale to Redback Ltd. Both companies depreciated equipment at the rate of 20% p.a. on cost. (iii) The beginning inventory of Tarantula Ltd included goods at $6 500 bought from Redback Ltd. Their cost to Redback Ltd was $5 000. (iv) Tarantula Ltd sold a motor car with a carrying amount of $30 000 to Redback Ltd for $34 800 on 1 May 2019. Redback Ltd regarded this motor car as inventory and was still on hand at 30 June 2019. (v) Tarantula Ltd had declared a $50 000 dividend in June 2018, which was paid in September 2018. Redback Ltd recognises dividends as revenue when they are received. (vi) The tax rate is 30%. Required: Prepare the journal entries in the records of Redback Ltd to account for the investment in Tarantula Ltd in accordance with AASB 128 for the year ended 30 June 2019 assuming Redback Ltd does not prepare consolidated financial statements.