Aurora Ltd is a parent and prepares consolidated financial statements. On 1 July 2023, Aurora Ltd acquired 35% of ordinary shares issued in infinity Ltd for $278,000. The equity of Infinity Ltd at that date was as follows. Ordinary share capital $ 5,00,000 Retained earnings $ 88,000 On the date of acquisition, all assets of Infinity Ltd were recorded at fair value except for a piece of land and a machine the land had a cost of $100,000 and it is valued at a fair value of $125,000. Infinity Ltd adopts revaluation model for the land and has recorded an amount of $17,500 ($25,000 less 30% tax) in the revaluation surplus account on 30 June 2024. the machine that had a fair value of $10,000 above its carrying amount and it was estimated to have a remaining useful life of 5 years. Infinity Ltd applies cost model for all machinery in accordance with AASB 116, On 1 January 2024, Infinity Ltd sold a piece of equipment to Aurora Ltd for $38,000. The equipment had originally cost Infinity Ltd $45,000, and had a carrying amount of $28,000 at 1 January 2024. The equipment had a remaining useful life of 4 years