Question 2 (Marks 20) ChallengeMe Pty Ltd acquired 100 per cent of the issued capital of TakeltEasy Ltd on 30 June 2018 for $900 000, when the statement of financial position of TakeltEasy Ltd was as follows: Statement of financial position TakeltEasy Ltd as at 30 June 2018 Assets Accounts receivable Inventory Land Property, plant and equip Accumulated depreciation Additional Information: Tax rate is 30 per cent 70 100 (270) 1,000 $('000) Liabilities Loan Shareholders' equity Share Capital Retained Earnings 1,000 As at the date of acquisition, all assets of TakeltEasy Ltd were at fair value, other than the property, plant and equipment, which had a fair value of $530 000. TakeltEasy Ltd adopts the cost model for measuring its property, plant and equipment. The property, plant and equipment is expected to have a remaining useful life of 10 years, and no residual value. One year following acquisition it was considered that TakeltEasy Ltd's goodwill had a recoverable amount of $60 000. TakeltEasy Ltd declared a dividend of $40 000 on 10 July 2018, with the dividends being paid from pre-acquisition retained earnings.