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

	Percy				Saltz
Cash	$	201,000			$	4,250
Accounts receivable		50,500				14,500
Inventory		60,750				43,000
Plant		477,500				193,500
Accumulated amortization		(127,500	)			(90,500	)
Trademarks(net)						14,500
	$	662,250			$	179,250
Current liabilities	$	101,000			$	20,500
Long-term debt		161,500				41,000
Common shares		220,500				60,500
Retained earnings		179,250				57,250
	$	662,250			$	179,250

The fair values of the identifiable net assets of Saltz Ltd. on December 31, Year 10, were as follows:

Cash				$	4,250
Accounts receivable					14,500
Inventory					52,500
Plant					122,500
Trademarks					29,000
					222,750
Current liabilities	$	20,500
Long-term debt		38,500			59,000
Net assets				$	163,750

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 $46,250.

On January 1, Year 11, Percy Corp paid $176,000 in cash to acquire 7,000 (70%) of the common shares of Saltz Ltd. Saltzs shares were trading for $21 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
	_______	_______