QUESTIONS 8: ACCOUNTING FOR INVESTMENT IN ASSOCIATE SYDNEY Ltd acquired a 30% interest in PERTH Ltd for $ 60,000 on 1 July 2019. The equity of PERTH Ltd at the acquisition date was: Share capital $ 40,000 Retained earnings $120,000 $ 160.000 All the identifiable assets and liabilities of PERTH Ltd. were recorded at fair value. Profits and dividends for the years ended 30 June 2020 to 2021 were as follows: Year Profit for the year Dividends paid $ $ 2020 50,000 20,000 2021 40,000 10,000 e 08 Required: Prepare the consolidation worksheet entries to account for SYDNEY Ltd's interest in the associated, PERTH Ltd. for final year ended 30 June 2020 and 2021. (Notes: SYDNEY Ltd is a parent company