On 1 July 2016, Soff Ltd purchased a 20 per cent shareholding in Willaott Ltd for a cash consideration of $480 000. On the date of acquisition, the shareholders' equity of Willaott Ltd is shown below:

Share capital $1 900 000

Retained earnings $ 500 000

Total shareholder's equity $2 400 000

Additional information:

For the year ending 30 June 2017 Willaott Ltd recorded an after-tax profit of $280 000 and paid a dividend of $60 000 from the profit earned in the year ending 30 June 2017.

For the year ending 30 June 2018, Willaott Ltd records an after-tax loss of $50 000. On 30 June 2018, Willaott Ltd revalued an item of equipment upwards by $80 000 (assume a 30% tax rate).

Required: prepare the journal entries in the book of Soff using equity method.