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SYDNEY Ltd acquired a 30% interest in PERTH Ltd for $ 60,000 on 1 July 2019. The equity of PERTH Ltd at the acquisition date was: Share capital Retained earnings All the identifiable assets and liabilities of PERTH Ltd. were recorded at fair value. Profits and dividends for the years ended 30 June 2020 to 2021 were as follows: Year 2020 2021 $ 40,000 $120,000 $ 160,000 Profit for the year $ 50,000 40,000 Dividends paid $ 20,000 10,000