1. X Ltd controls Y Ltd. On the control date, the carrying amount of Y Ltds equipment was $60,000 while its fair value was $75,000. The equipment cost $100,000 and had a residual value of zero. Y Ltd uses the cost model for its equipment. On the control date, the consolidation adjustment will include the following line:

A. Cr Retained profits $15,000

B. Dr Accumulated depreciation $40,000

C. Cr Equipment $60,000

D. Cr Asset revaluation reserve $15,000

please provide calculation with explanation