On 1 July 2017, Parent Ltd acquired all the shares of Son Ltd, on a cum-div, basis for $3,230,000. At this date, the equity of Son Ltd consisted of: Share capital - 600 000 shares General reserve Retained earnings $ 1,200,000 500,000 900,000 At the acquisition date, Son Ltd reported a dividend payable of $50,000 and its assets included $100,000 of recorded goodwill. The dividend payable at the acquisition date was subsequently paid in August 2017. On 1 July 2017, all the identifiable assets and liabilities of Son Ltd were recorded at amounts equal to fair value except for the following: Land Inventory Plant (cost $350 000) Carrying amount $500,000 20,000 250 000 Fair value $650,000 30,000 300,000 On 1 July 2017, Parent Ltd acquired all the shares of Son Ltd, on a cum-div, basis for $3,230,000. At this date, the equity of Son Ltd consisted of: Share capital - 600 000 shares General reserve Retained earnings $ 1,200,000 500,000 900,000 At the acquisition date, Son Ltd reported a dividend payable of $50,000 and its assets included $100,000 of recorded goodwill. The dividend payable at the acquisition date was subsequently paid in August 2017. On 1 July 2017, all the identifiable assets and liabilities of Son Ltd were recorded at amounts equal to fair value except for the following: Land Inventory Plant (cost $350 000) Carrying amount $500,000 20,000 250 000 Fair value $650,000 30,000 300,000