Core Transport Incorporated has been growing quickly over the past several years due to itsperfect record in safely and quickly moving goods across the country. In order to finance its recent growth it became a publicly listed company, and, as a result it must apply IFRS. The company has a December 31 year end. On January 1, 2017, Core purchased 20% of a company in Newport, Nova Scotia that manufactures packing crates, ABC Inc., for a price of $300,000. Core Transport considers this a significant influence investment, and has requested your help in accounting for it. At the time of purchase, the carrying amount and fair values of the packing company assets and liabilities are as follows.

90 10 11 120 13 14 17 18 19 28 290 15 160 30 310 32 330 34 35 36 37 38 39 40 ollows. Carrying Amount Fair Value Cash $ 50,000 $ 50,000 Accounts receivable 100,000 100,000 Land 200,000 250,000 Building (10-year life remaining; no residual value) 350,000 500,000 Notes payable (125,000) (125,000) $575,000 $775,000 During the year, ABC reported income of $200,000, and paid a dividend to its common shareholders of $100 shares at December 31, 2017 was $315,000