Problem 4-5 LO2 On December 31, Year 2, Blue purchased a percentage of the outstanding ordinary shares of Joy. On this date all but two categories of Joy's 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, subse- quent to the acquisition. Joy Corp. $434,000 (114,000) Plant and equipment Accumulated amortization Investment in Joy Corp Inventory Accounts receivable Cash Blue Ltd. $ 648,000 (204,000) 456,000 109,000 82,000 21,000 $1,112,000 $ 426,000 260,000 254,000 172,000 $1,112,000 Ordinary shares Retained earnings Long-term debt Current liabilities 224,000 39,000 8.000 $591,000 $304,000 (41,000) 244,000 84,000 $591,000 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 $1,072,000 Accumulated amortization (204,000) Goodwill 183,000 Inventory 353,000 Accounts receivable 121,000 Cash 29,000 $1,554.000 Ordinary shares $ 426,000 Retained earnings 260,000 Non-controlling interest 114,000 Long-term debt 498,000 Current liabilities 256,000 $1,554,000 Required (a) From the information above, determine the percentage of Joy's ordinary shares purchased by Blue on December 31, Year 2 (b) Which of Joy's assets or liabilities had fair values that were not equal to their carrying amounts at acquisition? Calculate the fair value of each of these assets at December 31, Year 2