On December 31, Year 2, Blue purchased a percentage of the outstanding ordinary shares of Joy. On this date all but two categories of Joy's identifiable assets and liabilities had fair values equal to carrying amounts. Following are the statements of financial position of Blue Ltd. and Joy Corp. on December 31, Year 2 subsequent to the acquisition.

Below is the consolidated statement of financial position for Blue at December 31, Year 2.
BLUE LTD.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31, Year 2
Plant and equipment ......... $1,060,000
Accumulated amortization ...... (200,000)
Goodwill ............. 150,000
Inventory .............. 345,000
Accounts receivable .......... 113,000
Cash .............. 22,000
$1,490,000
Ordinary shares .......... $ 422,000
Retained earnings .......... 224,000
Non-controlling interest ....... 106,000
Long-term debt ........... 490,000
Current liabilities ......... 248,000
$1,490,000
Required:
(a) From the information provided, determine the percentage of Joy's ordinary shares purchased by Blue on December 31, Year 2.
(b) Which of Joy's assets or liabilities had fair values that were not equal to their carrying amounts at acquisition? Calculate the fair value of each of these assets at December 31, Year 2.

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Blue Ltd Joy Corp $430,000 (110,000) Plant and equipment Accumulated amortization Investment in Joy Corp Inventory Accounts receivable Cash S 640,000 (200,000) 424,000 105,000 78,000 17,000 $1,064,000 220,000 35,000 5,000 $580,000 Ordinary shares Retained earnings Long-term debt Current liabilities 422,000 224,000 250,000 168,000 $1,064,000 $300,000 (40,000) 240,000 80,000 $580,000