(10 marks) Question 4 On July 1 2021, Sunflower Ltd acquired 60% of share capital of Lilly Ltd for $60,000,000. Equity of Lilly Ltd at acquisition date was: Share capital General reserve $54,000,000 $12,000,000 $6,000,000 Retained earnings All assets of Lilly Ltd were recorded at fair value on acquisition except for an item of machinery that had a higher fair value ($1500,000) than its carrying amount. Cost of equipment was $15,000,000 with an accumulated depreciation of $9,000,000.