The balance sheets of Percy Corp. and Saltz Ltd. on December 31, Year 10, are shown below: Cash Accounts receivable Inventory Plant Accumulated amortization Trademarks(net) Percy $ 202,000 51,000 61,500 480,000 (130,000) Saltz $ 4,500 15,000 44,000 195,000 (91,000) 15,000 $ 182,500 $ 21,000 42,000 61,000 58,500 $ 182,500 Current liabilities Long-term debt Common shares Retained earnings $ 664,500 $ 102,000 163,000 221,000 178,500 $ 664,500 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 4,500 15,000 53,000 125,000 30,000 227,500 Current liabilities Long-term debt Net assets $ 21,000 39,000 60,000 $ 167,500 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 $52,500. 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. 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 $52,500. 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. Percy Corp. Consolidated Balance Sheet January 1, Year 11 Assets Liabilities Shareholders' equity The balance sheets of Percy Corp. and Saltz Ltd. on December 31, Year 10, are shown below: Cash Accounts receivable Inventory Plant Accumulated amortization Trademarks(net) Percy $ 202,000 51,000 61,500 480,000 (130,000) Saltz $ 4,500 15,000 44,000 195,000 (91,000) 15,000 $ 182,500 $ 21,000 42,000 61,000 58,500 $ 182,500 Current liabilities Long-term debt Common shares Retained earnings $ 664,500 $ 102,000 163,000 221,000 178,500 $ 664,500 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 4,500 15,000 53,000 125,000 30,000 227,500 Current liabilities Long-term debt Net assets $ 21,000 39,000 60,000 $ 167,500 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 $52,500. 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. 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 $52,500. 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. Percy Corp. Consolidated Balance Sheet January 1, Year 11 Assets Liabilities Shareholders' equity