On 1 July 2020, Frasier Ltd acquired 20% of the voting shares of Niles Ltd for $30,000, thereby gaining significant influence over the investee.

On 1 July 2020, Niles Ltds net assets were represented by:

Share capital $80,000

Retained Earnings $24,000

At the time of the share purchase, Niles Ltds inventory was recorded at a book value which was $50,000 below its fair value. The inventory still remained on hand on 30 June 2022.

During the year ended 30 June 2021, the following occurred:

* Niles Ltd paid a dividend of $7,000.

* Niles Ltd recorded a net profit after tax of $48,000 for the year.

* Niles Ltd made an upward revaluation of its plant to fair value, which resulted in an after-tax increase of $5,000 in Niles Ltds asset revaluation reserve.

During the year ended 30 June 2022, the following occurred:

* Niles Ltd recorded a net loss after tax of $160,000 for the year.

* Niles Ltd made a downward revaluation of a building to its fair value, which resulted in an after-tax decrease of $20,000 in Niles Ltds asset revaluation reserve.

During the year ended 30 June 2023, the following occurred:

* Niles Ltd recorded a net loss after tax of $40,000 for the year.

The tax rate is 30%.

Required:

Part (A): Provide the acquisition analysis in relation to Frasier Ltds investment in Niles Ltd

Assume that Frasier Ltd does not prepare consolidated financial statements. Record all journal entries in the records of Frasier Ltd in relation to its investment in Niles Ltd during:

Part (B): the year ended 30 June 2021

Part (C): the year ended 30 June 2022, and

Part (D): the year ended 30 June 2023