Sarasota Inc acquired 142,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2023, for $852,000. At the time of purchase, Tahiti Ltd.s depreciable assets were undervalued by $29,600. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.60 per share on July 31, 2023. Tahiti Ltd. reported $1.2 million as net income on December 31, 2023, for the year ending on this date. Assume that Sarasota Inc. is in a position to exercise significant influence over Tahiti Ltd, and that Sarasota follows IFRS. Prepare all the journal entries for 2023 in the books of Sarasota Inc. relating to the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

Please show how to get the right numbers and explain.

Cash 852000 Investment In Assoclate Investment in Assoclate 300000 Investment Income or Loss (To record investment income) Investment Income or Loss \begin{tabular}{|l|} \hline 1480 \\ \hline \end{tabular} Investment in Assoclate (To record amortization of fair value difference) Calculate the balance in Martinez's "Investment in Tahiti: account at December 31, 2023." Investment in Tahiti $1065320