QUESTIONS 8: ACCOUNTING FOR INVESTMENT IN ASSOCIATE (10 MARKS) SYDNEY Ltd acquired a 40% interest in PERTH Ltd for $ 120,000 on 1 July 2020. The equity of PERTH Ltd at the acquisition date was: Share capital Retained earnings $ 200,000 $ 100,000 $ 300,000 All the identifiable assets and liabilities of PERTH Ltd. were recorded at fair value. Profits and dividends for the years ended 30 June 2021 to 2022 were as follows: Year Profit/Loss for the year $ Dividends paid $ == Question 19 2021 50,000 2022 (20,000) I 30,000 10,000 Required: Prepare the consolidation worksheet entries to account for SYDNEY Ltd's interest in the associated, PERTH Ltd. for final year ended 30 June 2021 and 2022. (Notes: SYDNEY Ltd is a parent company.).