Pepsi Ltd acquired 100% of the shares of Soda Lid on 1 July 2015. At this date the equity of Soda Ltd consisted of: $ Share capital (100,000 shares) 80,000 Retained earnings 29,600 General reserve 2,400 All the identifiable assets and liabilities of Soda Ltd were recorded at amounts equal to their fair values except for. Carrying amount Fair value $ $ Inventories 35,000 32,000 Plant (cost $65,000) 52,000 56,000 Land 40,000 45,000 The plant was expected to have a further useful life of 10 years. The land was sold to Cat Lid on 1 January 2018 for $90,000. The inventory was all sold was sold to Pot Ltd by 30 June 2016 at $800 profit. At 1 July 2015, Soda Lid had unrecorded (internally generated) customer lists that had a fair value of $18,000. These customer lists had an indefinite life. Financial information provided by the two companies at 30 June 2018 was: Pepsi Ltd Soda Ltd $ $ Sales 252,800 176,000 Debenture interest 4,000 Management and consultation fees 4,000 Dividends 9,600