On 1 January 2015 Sydney Ltd acquired 80% of the issued voting shares of Albury Ltd for a cash payment of $3,000,000. At the date of acquisition, the share capital and retained profits of Albury were as follows:

Share Capital $2,000,000

Retained Profits $1,200,000

During the year ended 31 December 2017 Albury Ltd sold inventory to Sydney Ltd for $1,400,000 being a mark-up of 40% on the cost of the inventory to Albury Ltd. At 31 December 2017 Sydney held in stock some of the inventory sold to it by Albury Ltd. The inventory was stated in Sydney Ltd.'s accounting records at $210,000. The company income tax rate is 30%. Goodwill has not been impaired.

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