On 1 July 2020, Diamond Ltd acquired all the issued shares of Gold Ltd. At this date, the shareholders equity of Gold Ltd was: Share capital 100 000 shares $ 550000 General reserve 35000 Asset revaluation surplus 55000 Retained earnings 25000 All the identifiable assets and liabilities at acquisition date were recorded at amounts equal to their fair values except for: Carrying amount Fair value Plant (cost $390000) $ 320000 $ 327500 Inventories 170000 185000 The plant was considered to have a further 5-year life. It was sold on 1 January 2023 for $218000. The inventories were all sold by 30 June 2021. At the acquisition date, Gold Ltd also had a contingent liability relating to a lawsuit with a fair value of $28000. The lawsuit was settled in April 2021 when Gold Ltd was required to pay damages of $30000. Financial information provided by the companies for 30 June 2023 was as follows: Diamond Ltd Gold Ltd Plant $ 658750 $ 418000 Accumulated d