On 31 December 20X4 Hugh Ltd gained control of Jackman Ltd by acquiring 80% of its shares for $250,000. At this date, Jackman had share capital of $200,000 and retained profits of $45,000. Below is an extract of financial information of both entities as at 31 December 20X6, the end of the current year: Hugh Ltd Jackman Ltd Net profit 90 000 60 000 Retained profits (opening) 120 000 86 000 Profit available 210 000 146 000 less Dividend paid 15 000 40 000 Retained profits (ending) 195 000 106 000 Share capital 350 000 200 000 Owners' equity 545 000 306 000 Additional information: The partial goodwill method is used. Jackman sold a vehicle to Hugh on 31 December 20X4 for $36,000. The vehicle originally cost Jackman $60,000 and had a zero residual value. Jackman depreciated the vehicle at the rate of 10% p.a. using the straight-line method. The vehicle was 5 years old at the time of the intragroup sale. The vehicle's residual value and useful life were not affected by the sale. Hugh depreciates the vehicle also using the straight-line method.