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  3. q. no.3. on january 1,2020, larmer corp. (a canadi

Q. No.3. On January 1,2020, Larmer Corp. (a Canadian company) purchased 80% of Martin Inc,...

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Accounting

Q. No.3. On January 1,2020, Larmer Corp. (a Canadian company) purchased 80% of Martin Inc, an American company, for US $50,000. Martin's book values approximated its fair values on that date except for plant and equipment, which had a fair value of US $30,000 with a remaining life expectancy of 5 years. A goodwill impairment loss of US $1,000 occurred during 2020. Martin's January 1,2020 Balance Sheet is shown below (in U.S. dollars):
\table[[Current Monetary Assets,$50,000
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