On $1$ July $2023,$ Rock Ltd acquired $80\%$ of the shares of Slate Ltd for $$70,000$ when the recorded equity of Slate Ltd was $$60,000$ consisting of: share capital $$50,000$ and retained earnings $$10,000.$ All assets and liabilities of Slate Ltd were recorded at fair value. Goodwill on consolidation is recognised in the business combination valuation entries. The proportionate goodwill method is used.

The pre$-$acquisition entry for a consolidation on $1$ July $2023$ is:

$\backslash$table$[[$A$)$ Dr Share Capital,$$40,000,],[$Dr Retained Earnings $(1/7/23),$$$8,000,],[$Cr Investment in Slate Ltd$,,$$$48,000$