On 1 May 2018, Churchill Ltd acquired 40% of the issued shares of Bovia Ltd for $80,000. The acquisition of these shares gave Churchill Ltd significant influence over Bovia Ltd. At the acquisition date, all the identifiable assets and liabilities of Bovia Ltd were recorded at fair value, except for a plant which was recorded at $80,000 below its fair value. Bovia Ltd depreciated this plant on a straight-line basis over 8 years. An acquisition analysis showed that $30,000 of goodwill was acquired. Churchill Ltd records its investment in Bovia Ltd in accordance with AASB 128/1AS 28 Investments in Associates and Joint Ventures. The company income tax rate is 30%. The financial statements of Bovia Ltd over two years contained the following information: Profit/loss) for the year Dividends paid Amount due to Churchill Ltd Amount due from Churchill Ltd Asset revaluation reserve balance at 30/4/2020 1 May 2018 - 30 April 2019 27,000 $20,000 $23,000 $5,000 $0 1 May 2019- 30 April 2020 ($290,000) $10,000 $75,000 $5,000 $89,300 Additional information: During the current financial year ended 30 April 2020, Churchill Ltd sold inventories to Bovia Ltd for $30,000. These inventories had cost Churchill Ltd $24,000. Bovia Ltd still had one-quarter of these items on hand at 30 April 2020. Required: Given that Churchill Ltd does not prepare consolidated accounts, prepare the general journal entries in the records of Churchill Ltd in relation to the Investment in Bovia Ltd for the year ended 30 April 2020 in accordance with AASB 128/1AS 28 Investments in Associates and Joint Ventures. Show all workings of the equity-accounted carrying amount of the Investment in Bovia Ltd. Narrations are not required