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At 1 July 2016 Goodluck Ltd, a parent entity, purchased 30% of the shares in Believeinyourself Ltd for $100,000. Goodluck Ltd has significant influence over Believeinyourself Ltd. The investment balance over the last 3 years are as follows: 1 July 2016 30 June 30 June 2018 30 June 2017 2019 Investment in Associate 100,000 $90,000 $120,000 80,000 What is the tax effect on the investment account? Dr Deferred Tax Asset $6,000; Dr Retained Earnings $6,000; Cr Income Tax Expense $12,000 No entries required Dr Deferred Tax Asset $6,000; Cr Retained Earnings $4,000; Cr Income Tax Expense $2,000 Dr Retained Earnings $39,000; Cr Income Tax Expense $12,000; Cr Deferred Tax Liability $27,000