On 1 July 20X5, Bondi Ltd gained control of Manly Ltd by acquiring 60% of its shares for $80,000. At this date, Manly Ltd's equity consisted of: share capital $70,000 and retained profits $50,000. Below is an extract of financial information of both entities as at 30 June 20X9, the end of the current year: Bondi Ltd ($) Manly Ltd ($) Net profit 40,000 20,000 Retained profits