Phar Inc acquired 108,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2020 for $637,200. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $35,840. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.35 per share on July 31, 2020. Tahiti Ltd. reported $1.3 million as net income on December 31, 2020 for the year ending on this date. Assume that Phar Inc. is in a position to exercise significant influence over Tahiti Ltd, and that Phar follows IFRS.

Enter the journal entries for 2020 in the books of Phar Inc. relating to above transactions.