On 1 July 20X4 Joey Ltd acquired 25% of the shares of Leo Ltd for $100,000. At that date the equity of Leo Ltd was $400,000, with all identifiable assets and liabilities being measured at fair value. Profits/(losses) made since the date of acquisition are as follows: Year ended 30 June 2005 2006 2007 2008 2009 Profit/(Loss) S 20,000 (200,000) (250,000) 16,000 20,000 There have been no dividends paid or movements in reserves since the date of acquisition. At 30 June 20X9 the equity accounted balance of the investment in Leo was: