the balance sheets of percy corp and saltz ltd on december 31 year 10 are shown belo 4375000

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. View Solution:
The balance sheets of Percy Corp and Saltz Ltd on

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