Question

The balance sheets of Percy Corp. and Saltz Ltd. on December 31, Year 10, are shown below:
The fair values of the identifiable net assets of Saltz Ltd. on December 31, Year 10,
In addition to the assets identified above, Saltz owned a taxi licence in the City of Moose Jaw. This licence expires in 9 years. These licenses are selling in the open market at approximately $40,000. On January 1, Year 11, Percy Corp paid $175,000 in cash to acquire 7,000 (70%) of the common shares of Saltz Ltd. Saltz’s shares were trading for $20 per share just after the acquisition by Percy.
Required:
Prepare the consolidated balance sheet on January 1, Year 11.


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  • CreatedJune 08, 2015
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