On 1 July 2012, Green Bay Ltd acquired 80% of the issued shares in Blue Sky Ltd for a cash payment of S12,000,000. At the date of acquisition, the shareholders equity of Blue Sky Ltd comprised the following: Share Capital General Reserve Retained profit S6,000,000 S3,000,000 000.000 At the date of acquition a depreciable non-current asset of Bluc Sky Ltd were valued at $800,000 below their fair valucs. The directors of Green Bay Ltd decided not to advise the directors of Blue Sky Ltd to revalue the relevant assets. Furthermore, no adjustments have been made with respect to these non-current assets in the accounts of Blue Sky Ltd since the date of acquisition. This depreciable asset had a useful life of ten (10) years at the date of acquisition. Goodwill on acquisition was impaired by $550,000 in the financial year ended 30 June 2013 and $600,000 in the financial ycar ended 30 Junc 2017. The information extracted from statement of comprehensive incomc, statement of financial position and statement of changes in equity of Green Bay Ltd and Blue Sky Ltd for the year ended 30 June 2017 is shown as below: Green Bay Blue Sk Ltd (S,000) Sales Cost of goods sold Gross profits Ltd (S,000) 125,000 (80,000 45,000 75,000 6,000 On 1 July 2012, Green Bay Ltd acquired 80% of the issued shares in Blue Sky Ltd for a cash payment of S12,000,000. At the date of acquisition, the shareholders equity of Blue Sky Ltd comprised the following: Share Capital General Reserve Retained profit S6,000,000 S3,000,000 000.000 At the date of acquition a depreciable non-current asset of Bluc Sky Ltd were valued at $800,000 below their fair valucs. The directors of Green Bay Ltd decided not to advise the directors of Blue Sky Ltd to revalue the relevant assets. Furthermore, no adjustments have been made with respect to these non-current assets in the accounts of Blue Sky Ltd since the date of acquisition. This depreciable asset had a useful life of ten (10) years at the date of acquisition. Goodwill on acquisition was impaired by $550,000 in the financial year ended 30 June 2013 and $600,000 in the financial ycar ended 30 Junc 2017. The information extracted from statement of comprehensive incomc, statement of financial position and statement of changes in equity of Green Bay Ltd and Blue Sky Ltd for the year ended 30 June 2017 is shown as below: Green Bay Blue Sk Ltd (S,000) Sales Cost of goods sold Gross profits Ltd (S,000) 125,000 (80,000 45,000 75,000 6,000