P Ltd acquired 70 of the ordinary shares of S Ltd on August 1, 2011 At that date the fair values of the net assets of S Ltd were the same at their carrying values with the exception of property, plant and equipment which showed a surplus of $400,000 At the date of acquisition the average remaining useful lives of the PPE was five years Show the journal entries to reflect the revaluation in the consolidated workings as at July 31, 2013

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