Parent owns 80% of the equity share capital of Child, its only subsidiary. The following information is extracted from the individual balance sheets of the two companies on 30 September 2003. Parent Child Current assets 600,000 450,000 Current liabilities 350,000 300,000 The current liabilities of Child include $80,000 in respect of a dividend that was declared before 30 September 2003 and paid on 31 October 2003. Parent recognises investment income on a cash basis.