On 1 july 2021, Ground Ltd purchased 30% of the shares of Hog Ltd for $180 000. At this date, the ledger balances of Hog Ltd were as follows. Capital 450 000 Assets $675 000 Other reserves 90 000 Less: Liabilities 90 000 Retained earnings 45 000 585 000 $535 000 At 1 july 2021, all the identiable assets and liabilities of Hog Ltd were recorded at fair value except for plant whose fair value was $15 000 greater than carrying amount. This plant has an expected future life of 5 years, the benets being received evenly over this period. Dividend revenue is recognised when dividends are declared. The tax rate is 30%. The results of Hog Ltd for the next 3 years were as follows. 30 June 2022 30 June 2023 30 June 2024 Prot/(loss) before income tax 55 150 000 $ 120 000 $ (15 000 ) Income tax expense 60 000 60 000 Prot/(loss) 90 000 60 000 (15 000 ) Dividend declared and paid 45 000 15 000 6 000 Dividend declared 30 000 15 000 3 000