The following are the balance sheets of Ukraine Limited, Poland Limited and Russia Limited, as at the 31 December 2019. The three companies are major players in the automotive industry. Max Limited acquired 75% of the shares in Poland Limited on January 1 2017 when the reserve balances were as follows: General reserves: $24,000 and retained earnings $60 000. The acquisition of Poland Limited consisted of a deferred cash payment of $300,000 and a share exchange of 2 shares in Ukraine Limited for every 5 shares acquired in Poland Limited. The market price for a Ukraine Limited share at that date was $4.50. The transaction has not been recorded on the books. On 1 July 2019 Ukraine Limited acquired 30,000 shares in Russia Limited for cash at a price of $2.70 per share. For the year ended 31 December 2019 Russia Limited reported a profit of $64,000 (assume profit accrued evenly during the year). This transaction was recorded on the books.