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Question - Corporate Accounting - On 1 July 2018, Washing Ltd purchased 40% of the shares of Ton Ltd at a cost of $224,000. Washing Ltd does not control Ton Ltd but does have significant influence. At the date of acquisition, Ton's Retained earnings was $110,000 and Asset Revaluation Reserve was $20,000. The records for Ton from 2019 to 2021 are as follows:
Retained earnings
ARR balance
30 June 2019
140,000
30,000
30 June 2020
130,000
30 June 2021
144,000
50,000
Required - Prepare the journal entries required by Washing Ltd relating to its Investment in Ton Ltd for the period from 1 July 2019 to 30 June 2021.
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