Question: X Ltd controls Y Ltd. On the control date, the carrying amount of Y Ltd's equipment was $60,000 while its fair value was $75,000. The

X Ltd controls Y Ltd. On the control date, the carrying amount of Y Ltd's equipment was $60,000 while its fair value was $75,000. The equipment cost $100,000 and had a residual value of zero. Y Ltd uses the cost model for its equipment. On the control date, the consolidation adjustment will include the following line: I . Cr Retained prots $15,000 Dr Accumulated depreciation $40,000 Cr Equipment $60,000 . Cr Asset revaluation reserve $15,000 com

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