The balance sheets of Percy Corp. and Saltz Ltd. on December 31, Year 10, are shown...

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The balance sheets of Percy Corp. and Saltz Ltd. on December 31, Year 10, are shown below: Cash Accounts receivable Percy $ 201,200 50,600 Saltz $ 4,300 14,600 Inventory Plant Accumulated amortization Trademarks (net) Current liabilities Long-term debt Common shares Retained earnings 60,900 478,000 (128,000) $ 662,700 43,200 193,800 (90,600) 14,600 $ 179,900 $ 20,600 41,200 60,600 57,500 $ 101,200 161,800 220,600 179,100 $ 662,700 $ 179,900 The fair values of the identifiable net assets of Saltz Ltd. on December 31, Year 10, were as follows: Cash Accounts receivable Inventory Plant Trademarks $ 4,300 14,600 52,600 123,000 29,200 223,700 Current liabilities $ 20,600 Long-term debt 38,600 59,200 Net assets $ 164,500 In addition to the assets identified above, Saltz owned a taxi licence in the City of Moose Jaw. This licence expires in nine years. These licences are selling in the open market at approximately $55,500. On January 1, Year 11, Percy Corp paid $177,000 in cash to acquire 7,000 (70%) of the common shares of Saltz Ltd. Saltz's shares were trading for $22 per share just after the acquisition by Percy. Required: Prepare the consolidated balance sheet on January 1, Year 11. Assets Cash Accounts receiveable Inventory Plant (net) Trademarks (net) Taxi license Goodwill Liabilities Current liabilities Long-term debt Shareholders' equity Common shares Retained earnings Non-controlling interest Percy Corp. Consolidated Balance Sheet January 1, Year 11 $ 220,600 179,100 $ 26,400 65,200 113,500 4,738,000 29,200 55,500 $ 5,027,800 $ 121,800 200,400 $ 399,700 $ 721,900 The balance sheets of Percy Corp. and Saltz Ltd. on December 31, Year 10, are shown below: Cash Accounts receivable Percy $ 201,200 50,600 Saltz $ 4,300 14,600 Inventory Plant Accumulated amortization Trademarks (net) Current liabilities Long-term debt Common shares Retained earnings 60,900 478,000 (128,000) $ 662,700 43,200 193,800 (90,600) 14,600 $ 179,900 $ 20,600 41,200 60,600 57,500 $ 101,200 161,800 220,600 179,100 $ 662,700 $ 179,900 The fair values of the identifiable net assets of Saltz Ltd. on December 31, Year 10, were as follows: Cash Accounts receivable Inventory Plant Trademarks $ 4,300 14,600 52,600 123,000 29,200 223,700 Current liabilities $ 20,600 Long-term debt 38,600 59,200 Net assets $ 164,500 In addition to the assets identified above, Saltz owned a taxi licence in the City of Moose Jaw. This licence expires in nine years. These licences are selling in the open market at approximately $55,500. On January 1, Year 11, Percy Corp paid $177,000 in cash to acquire 7,000 (70%) of the common shares of Saltz Ltd. Saltz's shares were trading for $22 per share just after the acquisition by Percy. Required: Prepare the consolidated balance sheet on January 1, Year 11. Assets Cash Accounts receiveable Inventory Plant (net) Trademarks (net) Taxi license Goodwill Liabilities Current liabilities Long-term debt Shareholders' equity Common shares Retained earnings Non-controlling interest Percy Corp. Consolidated Balance Sheet January 1, Year 11 $ 220,600 179,100 $ 26,400 65,200 113,500 4,738,000 29,200 55,500 $ 5,027,800 $ 121,800 200,400 $ 399,700 $ 721,900