Question: Case Study: Calculation High Sky Ltd acquired 100% of the issued share capital of Low Land Ltd on 30 June 2019 for a cash consideration of $500,000. At that time the assets and liabilities of High Sky Ltd and Low Land Ltd were represented as follows: High Sky Limited Low Land Ltd Cash in bank 150,000 50,000 Deferred Tax Asset 0 0 Land 0 180,000 Furniture 0 10,000 Accumulated depreciation - furniture 0 10,000 Equipment 40,000 Accumulated depreciation - equipment 0 10,000 Building 0 120,000 Accumulated Depreciation - buildings 0 80,000 Investment in Low Land Ltd 500,000 Goodwill 0 0