Treehouse Ltd has a 20% interest in a joint venture, Griffith Ltd, in which it invested $35 000 on 1 July 2017. The equity of Griffith Ltd at the acquisition date was:

Share capital

30000

Retained earnings

120000

All the identifiable assets and liabilities of Griffith Ltd were recorded at amounts equal to their fair values. Profits and dividends for the years ended 30 June 2018 to 2020 were as follows:

Profit before tax

Income tax expenses

Dividends paid

2018

80000

30000

80000

2019

70000

25000

15000

2020

60000

20000

10000

Required

Prepare journal entries in the records of Treehouse Ltd for each of the years ended 30 June 2018 to 2020 in relation to its investment in the joint venture, Griffith Ltd. (Assume Treehouse Ltd does not prepare consolidated financial statements.)