Sam Ltd acquired 30% interest in Jeff Ltd for $180,000 on 1 July 2017. Profits and Dividends for Song Ltd for years ended 30 June 2018 to 2019 were as follows:

	Profit before tax	Income tax expense	Dividends paid
2018	$260,000	$50,000	$90,000
2019	$170,000	$60,000	$30,000

Required:

Prepare all necessary journal entries in the records of Sam Ltd in relation to its investment in the associate, Song Ltd based on the above information. Assume there are sufficient net assets for dividend distribution and Sam Ltd does not prepare consolidated financial statements.