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Lead beaters It'd acquired all the issued shares ( cum div . ) of Possum It'd on 1 July 2014 . At thisdate the shareholders" equity of Possum It'd was :"Share capital - 100 000 shares450 000General reserve*45 000Asset revaluation surplus45 000Retained earnings15000At 1 July 2014 , the accounting records of Possum It'd contained a dividend payable of $15 000 .This dividend was paid in August 2014 . All the identifiable assets and liabilities at acquisitiondate were recorded at amounts Equal to their fair values except for *Plant ( cost $290 000152 20 000$2 27 500Inventory*160 000175 000The plant was considered to have a further 4 - year life . It was sold on 1 January 2017 for$118 000 . The inventory was all sold by 30 June 2015 . Possum It'd did not record a contingentliability relating to a lawsuit by a customer for faulty goods . Possum It'd considered this liabilityhad a fair value of $18 000 . The lawsuit was settled in May 2015 when Possum It'd was requiredto pay damages of $20 000 .Additional information*( a ) On 1 July 2015 , Lead beaters It'd sold plant to Possum It'd at a before -tax profit of $6000 .This class of non - current asset is depreciated at 25%/ P. A. on cost by Lead beaters It'd whilePossum It'd uses a rate of 10%/ }.A. On cost .`|6; ) In June 2015 Possum It'd sold $50 000 worth of inventory to Lead beaters It'd at a before-tax profit of $5400 . At 30 June 2017 , inventory on which Possum It'd had made a profit of$750 on sale to Lead beaters It'd was still on hand .*(c ) On 10 February 2017 , Possum It'd used the whole of the general reserve existing at 1 July2014 to pay a bonus dividend of three shares for every ten held .*(`) Both Lead beaters It'd and Possum It'd use the valuation method to measure land . In June2017 , Lead beaters It'd recorded revaluation increases of $15 000 while Possum Itdrecorded increases of $12 000 .( E ) The tax rate is 30 %/0 .