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A parent company, Henry Led, acquired on 1 July 2016 a 30% voting interest (and significant interest) in Cahill Led for $612,250 cash. At the date of acquisition, the accounts of Cahill Led include the following: Share capital 1,700,000 Retained earnings 250,000 Total equity 1,950,000 All the identifiable assets and liabilities of Cahill Led were recorded at fair value except for the following: Carrying amount Fair value Inventory $175,000 $325,000 The inventory was sold by 30 September 2016. Additional information: 1. At 20 May 2019, Henry Ltd sold inventory to Cahill Lid for $282,000. This inventory originally cost Henry Led $735,000. By 30 June 2020, Cahill Led has sold 15% of the inventory to third parties. 2. At 10 February 2018, Cahill Led transferred $20,000 from retained earnings to general reserve. 3. On 30 September 2017, Henry Led sold machinery to Cahill Led for $520,000. The machinery originally cost Henry Led $900,000. The carrying amount at the date of sale was $250,000 and the remaining useful life of the machinery is 6 years. 4. At 30 June 2020, Cahill Led reported a profit of $350,000 but did not pay dividends. 5. The retained earnings of Cahill Led was $210,000 on 30 June 2019 and $450,000 on 30 June 2020. 6. The company tax rate is 20%. Requirements: (i) Prepare the equity accounting journal entries for Henry Led to apply the equity method to its investment in Cahill Led for the year ended 30 June 2020. (12 marks) Use a table to display your entries using 3 columns: 1 column for the description, 1 column for the DEBIT amount and 1 column for the CREDIT amount (ii) Equity accounting is referred to as "one line proportional consolidation Evaluate how equity accounting is similar or different to consolidation accounting. (4 marks]