Nero Ltd purchased a 30% shareholding in Bianco Ltd on 1 January 20X8 for $180 000. Bianco Ltds assets were recorded at fair values and its owners equity, totalling $520 000, was represented as follows.

• Share capital $260 000
• General reserve$120 000
• Asset revaluation surplus$40 000
• Retained profits $100 000

During July 20X8, Bianco Ltd paid an interim dividend of $18 000. At 31 December 20X8, Bianco Ltd reported:

• Profit after tax for 20X8 $48 000
• Final dividend payable $14 000
• A transfer to the general reserve $10 000
• Increase of the asset revaluation reserve to $70 000

The equity carrying amount of the investment in Bianco Ltd at 31 December 20X8 is: