3 ad On 1 July 2016 Harry Ltd acquires all the shares in Styles Ltd. At the date of acquisition all the net assets of Styles Ltd were at fair value except for a contingent liability. The contingent liability was a present obligation with an estimated fair value of $430,000. At 1 September 2017, the contingent liability was settled by Styles Ltd for $458,000 At 30 June 2018, the following consolidation entry is required: out of on O a Dr Loss on settlement $28,000 b. Ct Retained earnings $137,400 O c.Dr Retained earnings $28,000 d. Cr Settlement expense $430,000 oe. Dr BCVR $137.400