SECTION 2 Please type your answer for all following question in the template provided: Question 1. (15 marks) Miao Ltd has a 25% interest in a joint venture, Pony Ltd, in which it invested $50 000 on 1 July 2017. The equity of Pony Ltd at the acquisition date was Share capital 30000 Retained earnings 120000 All the identifiable assets and liabilities of Pony 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 Miao Ltd for each of the years ended 30 June 2018 to 2020 in relation to its investment in the joint venture, Pony Ltd. (Assume Miao Ltd does not prepare consolidated financial statements.)