Record journal entries in the order presented in the problem.

Tamarisk Inc acquired 102,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2017 for $606,900. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $33,600. The depreciable assets had a remaining useful life of 8 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.33 per share on July 31, 2017. Tahiti Ltd. reported $1.2 million as net income on December 31, 2017 for the year ending on this date. Assuming that Tamarisk Inc. is in a position to exercise significant influence over Tahiti Ltd, and that Tamarisk follows IFRS. Prepare all the journal entries for 2017 in the books of Tamarisk Inc. relating to above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.

Date Account Titles and Explanation Credit (To record investment income earned.) (To record amortization of undervalued assets.) Calculate the balance in Tamarisk's "Investment in Tahiti: account at December 31, 2017.' Investment in Tahiti