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) Current liabilities Long-term debt Common shares Retained earnings Percy $ 203,400 51,700 $ Saltz 4,850 15,700 45,400 62,550 483,500 (133,500) 197,100 (91,700) 15,700 $ 667,650 $ 187,050 $ 103,400 165,100 $ 21,700 43,400 221,700 61,700 177,450 60,250 $ 667,650 $ 187,050 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 Current liabilities $ 21,700 Long-term debt Net assets 39,700 $ 4,850 15,700 53,700 128,500 31,400 234,150 61,400 $ 172,750 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 $37,250. On January 1, Year 11, Percy Corp paid $176,000 in cash to acquire 7,000 (70%) of the common shares of Saltz Ltd. Saltz's shares were trading for $21 per share just after the acquisition by Percy.