You will need to use Excel or Word to answer this question and then upload your file. Please ensure that you lea ve yourself enough time to upload your file responses. it is recommended that you upload your file as you complete a file response question PART A - Accounting for investments in associates and joint ventures Colombia Ltd has a 40% interest in an associate, Bogota Ltd, in which it invested $780,000 on 1 July 2020. The equity of Bogota Ltd at the acquisition date was: Share capital $1,400,000 Retained earnings 520,000 All the identiable assets and liabilities of Bogota Ltd were recorded at amounts equal to their fair values, except for: Carrying amount Fair value Remaining useful life Plant (cost $770,000) $462,000 $465,000- 6 years Profits, income tax expense and dividends for the years ended 30 June 2021, 2022 and 2023 were as follows: Profit before tax Income tax expense Dividends paid 2021 $31,000 $9,000 $12,000 2022 ($7,000) - $7,000 2023 $47,000 $12,000 - Bogota Ltd does not prepare consolidated nancial statements. The following independent transactions have occurred between the two entities: Bogota Ltd does not prepare consolidated financial statements. The following independent transactions have occurred between the two entities: . In May 2021, Bogota Ltd sold inventory to Colombia Lid for $15,000. This inventory had previously cost Bogota Ltd $12,000 and remains unsold by Colombia Ltd at the end of the period. This inventory was all sold in July 2021. . On 1 July 2021, Colombia Ltd sold machinery to Bogota Lid, at a gain of $4,000. The remaining useful life of the asset is 4 years. . In February 2022, Colombia Ltd sold inventory to Bogota Lid at a before-tax profit of $6,000. Half of this was sold by Bogota Ltd before 30 June 2022. . In June 2023 Colombia Ltd had invoiced Bogota Lid $17,000 for consulting work completed in May. Bogota Lid had paid the invoice in full by the end of June 2023. Required: Prepare the acquisition analysis and journal entries of Colombia Lid's investment in its associate Bogota Ltd for the years ended 30 June 2020 and 30 June 2021. Show all workings. (9 marks) PART B - Foreign currency transactions Ajax Ltd, an Australian company, purchased inventory from Jiff Lid, US company. The following information is relevant to a recent acquisition of inventory for US$300,000 pursuant to a contract with terms including FOB shipping*. Date Event Exchange rate 08-06-2023 Inventory shipped AUD$1 = USD 0.70 24-06-2023 Inventory delivered AUD$1 = USD 0.75 30-06-2023 End of reporting period AUD$1 = USD 0.69 20-08-2023 Cash payment of US$300,000 to Jiff Ltd AUD$1 = USD 0.66*FOB shipping is when ownership passes to the purchaser upon goods being loaded onto the shipping vessel Required: In accordance with AASB 121, prepare all of the entries of Ajax Ltd that relate to the foreign currency purchase of inventory. Show all workings and round to the nearest dollar. (6 marks)