B26 X fx Sales A B C D E F G H | J K L M N 2 3 1 Question #7 PAR purchased a 70% interest Value for $7,00,000 4 The effective date of the purchase was July 1, 2020 5 At that time Value had the folloeing Balance sheet 6 7 8 carrying Value Fair Values 9 Cash 5,15,000 10 AR 85,000 11 Inventory 45,000 5,15,000 85,000 60,119 12 PPE (net) 1,80,000 1,85,000 13 Land 1,15,000 2,00,000 14 9,40,000 15 16 17 69 AP 2,80,000 2,80,000 Bonds 80,000 60,000 Other Information The Equipment had a remaining useful life of 5 years from the date of acquisition Value's bonds mature on July 1, 2025 PAR acounts for its investment in Value on the cost basis P Q R