On 1 July 2015 when Parent acquired 100% of the Subsidiary that led to the business combination, all of the assets acquired and liabilities assumed were valued at fair value except land that had a carrying value of 270,000 and fair value of 320,000. Parent and Subsidiary are tax-paying entities and the income tax rate is 30%. For the year ending 30 June 2018, the consolidation entry should be Dr Land 50,000 Cr Revaluation surplus 50,000 Dr Land 50,000 Cr Revaluation surplus 50,000 Dr Revaluation surplus 15,000 Cr Deferred tax liability 15,000 Dr Revaluation surplus 50,000 Cr Land 50,000 Dr Revaluation surplus 15,000 Cr Deferred tax liability 15,000 Dr Revaluation surplus 50,000 Cr Land 50,000 Dr Deferred tax liability 15,000 Cr Revaluation surplus 15,000