On 1 July 2020, the financial position of Loki Lid was as follows: Carrying Fair value amount Assets Cash $200 000 Accounts receivable 800 000 800 000 Plant 2 100 000 1 600 000 Accumulated depreciation - plant (600 000) Fixtures & fittings 900 000 850 000 Accumulated depreciation - fixtures & 100 000 fittings Land 1 100 000 1 500 000 Vehicles 800 000 610 000 Accumulated depreciation - vehicles (200 000) Total assets $5 000 000 Equity Share capital - 100 000 shares 2 500 000 Retained earnings 2 000 000 Total equity 4 500 000 Liabilities Accounts payable 100 000 100 000 Loans 400 000 400 000 Total liabilities 500 000 Total equity and liabilities $5 000 000