QUESTIONS B; ACCOUNTING FOR INVESTMENT IN ASSOCIATE 10 MARKS) SYDNEY Ltd acquired 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 linbilities 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 Q8 Required: Prepare the consolidation worksheet entries to account for SYDNEY Uid's interest in the associated, PERTH Lid. for final year ended 30 June 2020 and 2021 (Notes: SYDNEY Lid is a parent company.)