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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Percy $200,000 50,000 60,000 475,000 (125,000) Saltz $ 4,000 14,000 42,000 192,000 (90,000) 14,000 $176,000 $20,000 40,000 60,000 56,000 $176,000 Cash Accounts receivable Inventory Plant Accumulated amortization Trademarks-net Current liabilities Long-term debt Common shares Retained earnings $660,000 $100,000 160,000 220,000 180,000 $660,000 Cash Accounts receivable Inventory Plant Trademarks 4,000 14,000 52,000 120,000 28,000 218,000 Current liabilities Long-term debt Net assets $20,000 38,000 58,000 $160,000