On 1 July 2020 George Limited, a joint venturer, acquired a 30% share of Genevieve Limited. At that date, the following assets had carrying amounts different to their fair values in Genevieves books.

Asset

Carrying

amount

Fair value

Inventories

$25 000

$35 000

Equipment

$48 000

$60 000

All inventories were sold to third parties by 30 June 2021. On 1 July 2020, the equipment had a remaining useful life of 4 years.

The tax rate was 30%.

The adjustment required to the investment in the joint venture account at 30 June 2021 in relation to the above assets would be