Sydney Lid acquired 90% of the shares (cum div.) of Tasmania Lid on 1 July 2018 for $470 000. At this date, the equity of Tasmania Ltd consisted of: Share capital $ 240 000 Asset revaluation surplus 60 000 Retained earnings 160 000 At acquisition date all the identifiable assets and liabilities of Tasmania Ltd were recorded at amounts equal to fair value. Tasmania Ltd had recorded a dividend payable of $20 000, which was paid in August 2018, and goodwill of $12 000. At 30 June 2019, the equity of Tasmania Lid consisted of: Share capital $ 240 000 Asset revaluation surplus 80 000 Retained earnings 220 000 During the 2019-20-year Tasmania Ltd recorded a profit of $100 000