Part A Aragorn Ltd paid $1,500,000 in cash for 20% share of Arwen Ltd at beginning of the 2022 financial year. As at the end of 2022 financial year, a valuation model suggested that Arwen Ltd was worth $6,000,000. Arwen Ltd also made a loss of $200,000 but revalued its buildings upwards by $500,000. Required: a) wwwwww Record the journal entries and equity accounting adjustments that relates to the above series of events if Aragorn Ltd accounted for its investment in Arwen Ltd using the equity method of accounting (6 marks) Accounts Debit $ Credit $ Investment in Associate 1,500,000 Cash 1,500,000 Page 8 of 12 ACCT702 S1 2022 b) Student ID Number: Student Name: Record the journal entries that relates to the above series of events if Aragorn Ltd accounted for its investment in Arwen Ltd as a financial instrument (4 marks) wwwww c) Accounts Debit $ Credit $ Explain whether the equity method of accounting or financial instrument accounting would provide Aragorn Ltd with a higher Net Profit for its investments. Support your answer with your numbers in (a) and (b)