Total Assets 650,000 500,000 Loan 0 120,000 Creditors 20,000 50.000 Deferred Tax Liability 0 Provision for legal claim 0 0 Share capital 500,000 300,000 Retained earnings 130,000 30,000 BCVR Total Liabilities and Equity 650,000 500,000 When High Sky Limited acquired its investment in Low Land Ltd, the following information applied: A. Land held by Low Land Lid was undervalued by $12,000 B. Furniture held by Low Land Ltd was overvalued by $2,000. The furniture had originally cost $20,000 10 years ago and was being depreciated at 5% per year. C. Equipment held by Low Land was undervalued by $4,000. The equipment had originally cost $50,000 2 years ago and was being depreciated at 10% per year. D. A building held by Low Land Lid was undervalued by $50,000. The building had originally cost $200,000 5 years ago and was being depreciated at 8% per year. E. A contingent liability relating to an unsettled legal claim with a fair value of $10,000 was recorded in the notes to Low Land Ltd's financial statements F. The tax rate is 30%