Splish Inc acquired 136,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2017 for $830,960. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $23,200. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.30 per share on July 31, 2017. Tahiti Ltd. reported $1.2 million as net income on December 31, 2017 for the year ending on this date. Assuming that Splish Inc. is in a position to exercise significant influence over Tahiti Ltd, and that Splish follows IFRS.

Prepare the journal entries for 2017 in the books of Splish Inc. relating to above transactions.