On 1 July 2015, Rocket Ltd acquired 75% of the issued shares of Raccoon Ltd for $180,000. The following balances appeared in the records of Raccoon Ltd at this date:

Rocket Led Raccoon Ltd Sales revenue 336,000 204,000 Dividend revenue 12,000 Other revenue 48,000 32,000 Total revenue 396,000 236,000 Cost of sales 232,000 104,000 Other expenses 16,000 8,000 Selling and administrative (including depreciation) 32,000 24,000 Total expenses 280,000 136,000 Profit from trading 116,000 100,000 Gain on sale of property, plant and equipment 16,000 6,100 Profit before tax 132,000 106,100 Income tax expense 52,800 41,500 Profit for the period 79,200 64,600 Retained earnings (1/7/19) 160,000 78,500 239,200 143,100 Transfer to general reserve 15,200 5,000 Interim dividend paid 16,000 30,000 Final dividend declared 16,000 15,000 47,200 50,000 Retained earnings (30/6/20) 192,000 93,100 Asset revaluation surplus (1/7/19) 12,000 7,000 Gains on property revaluation 4,000 3,000 Asset revaluation surplus (30/6/20) 16,000 10,000