On December 31, Year 2, Blue purchased a percentage of the outstanding ordinary shares of Joy. On this date all but two categories of Joys identifiable assets and liabilities had fair values equal to carrying amounts.

Following are the statements of financial position of Blue Ltd. and Joy Corp. on December 31, Year 2, subsequent to the acquisition.

	Blue Ltd.			Joy Corp.
Plant and equipment	$	662,000		$	441,000
Accumulated amortization		(211,000	)		(121,000	)
Investment in Joy Corp.		544,000
Inventory		116,000			231,000
Accounts receivable		89,000			46,000
Cash		28,000			8,000
	$	1,228,000		$	605,000
Ordinary shares	$	433,000		$	311,000
Retained earnings		355,000			(48,000	)
Long-term debt		261,000			251,000
Current liabilities		179,000			91,000
	$	1,228,000		$	605,000

Below is the consolidated statement of financial position for Blue at December 31, Year 2.

BLUE LTD.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31, Year 2
Plant and equipment	$	1,093,000
Accumulated amortization		(211,000)
Goodwill		246,000
Inventory		367,000
Accounts receivable		135,000
Cash		36,000
	$	1,666,000
Ordinary shares	$	433,000
Retained earnings		355,000
Non-controlling interest		96,000
Long-term debt		512,000
Current liabilities		270,000
	$	1,666,000

Required:

(a) From the information provided, determine the percentage of Joys ordinary shares purchased by Blue on December 31, Year 2. (Omit % sign in your response.)

Percentage of Blues ownership %

(b-1) Which of Joys assets or liabilities items had fair values that were not equal to their carrying amounts at acquisition? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

check all that apply

Goodwill

Plant and equipment

Long-term debt

Retained earnings

Accounts receivable

Inventory