Assets Cash $80,000 Accounts receivable (net of $30,000 reserve) 800,000 Inventory at cost (FMV $920,000) 920,000 Land at cost (FMV $2,000,000) 1,200,000 Building at UCC (FMV $500,000) 300,000 Equipment at UCC (FMV $150,000) 200,000 Goodwill (FMV $500,000) 0 Total Assets $3,500,000 Liabilities and Shareholder's Equity Accounts payable and accrued liabilities 709,000 Loans payable 700,000 Share capital 1,000 Retained Earnings 2,090,000 $3,500,000 Other Information 1) The fair market value of the land and building at the time Normpar Ltd. acquired control were $1.9 million and $400,000, respectively