Sheffield Inc acquired 142,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 fc $852,000. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $29,600. The depreciable assets had a remai 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, 2020. Tahiti Lt reported $1.2 million as net income on December 31, 2020 for the year ending on this date. Assume that Sheffield Inc. is in a positio exercise significant influence over Tahiti Ltd, and that Sheffield follows IFRS. Prepare all the journal entries for 2020 in the books of Sheffield Inc. relating to above transactions. (Credit account titles are automa indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry i required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 852000 Cash 852000 Jul. 31 Dec. 31 Investment Income or Loss (To record investment income) (To record amortization of fair value difference) Calculate the balance in Sheffield's "Investment in Tahiti: account at December 31, 2020." Investment in Tahiti $