Spade Lid, a parent entity, acquired a voting interest of 40% in Club Lid on 1 July 2017 for a cash consideration of $2,400,000. The acquisition gave Spade Ltd significant influence over Club Lid's operations. Club Ltd's shareholders' equity items at the time of acquisition were as follows: 5000 Issued capital 2.000 Retained earnings 920 Total equity 2.920 Additional Information: a) On 1 July 2017, the carrying value of Club Lid's plant and equipment was $1,500,000, while the fair value was $2,000,000, and the remaining useful life for assets in this class of assets was five years. At the date of acquisition, all other assets and assumed liabilities were recognised at their fair value in Club Ltd's financial statements. Club Lid and Spade Lid use straight-line depreciation for plant and equipment. b) For the year ended 30 June 2018, Club Lid recorded an after-tax profit of $450,000, out of which dividends of $150,000 were proposed and paid on 30 June 2018. c) On 30 June 2018, Club Ltd revalued its land upwards by $200,000. The amount taken to revaluation surplus was $140,000. No further revaluations of land have taken place in year ended 30 June 2019. d) For the year ended 30 June 2019, Club Lid recorded a profit after income tax of $320,000. e) Club Lid proposed and paid a dividend of $100,000 on 30 June 2019. () Club Lid did not record a profit or loss from discontinuing operations in either 2018 or 2019. g) During the year ended 30 June 2019, the following inter-entity inventory transactions occurred: . Club Lid sold inventory to Spade Ltd. The inventory cost Club Ltd $40,000, and sold to Spade Ltd for $60,000; 50% of this inventory was still on hand in Spade Lid's closing inventory at 30 June 2019. Spade Lid sold inventory to Club Ltd. The inventory cost Spade Lid $60,000, and sold to Club Lid for $90,000. 20% of this inventory was still on hand in Club Ltd's closing inventory at 30 June 2019. h) Spade Lid recognises dividends from associates as revenue when they are declared.i) Spade Lid has elected to use the cost method to measure investments in associates and joint ventures in its separate financial statements. j) Spade Lid applies the equity method of accounting for its associates in its consolidated financial statements. k) Spade Lid's investment in Club Ltd is subject to an annual impairment test. Impairment losses are not required to be recognised for each of the years ended 30 June 2018 and 2019 in Spade Ltd's separate financial statements or consolidated financial statements. 1) The tax rate is 30% for all accounting periods. Required: Prepare the equity adjusting entries in Spade Ltd's consolidated financial statements to apply the equity accounting method to its investment in Club Lid for the year ended 30 June 2019 in accordance with AASB 128. Show all narrations and working