Following are preacquisition financial balances for Parrot Company and Sun Company as of December 31. Also included are fair values for Sun Company accounts.

Parrot Company Sun Company Book Values Book Values Fair Values 12/31 12/31 12/31 Cash.

$ 290,000

$ 120,000

$ 120,000 Receivables...

220,000 300,000 300,000 Inventory..

410,000 210,000 260,000 Land...

600,000 130,000 110,000 Building and equipment (net) . .

600,000 270,000 330,000 Franchise agreements ........

220,000 190,000 220,000 Accounts payable..

(190,000)

(120,000)

(120,000)

Accrued expenses..

(90,000)

(30,000)

(30,000)

Long-term liabilities.

(900,000)

(510,000)

(510,000)

Common stock—$20 par value

(660,000)

Common stock—$5 par value .

(210,000)

Additional paid-in capital .

(70,000)

(90,000)

Retained earnings, 1/1 .......

(390,000)

(240,000)

Revenues.

(960,000)

(330,000)

Expenses ..

920,000 310,000 Note: Parentheses indicate a credit balance.

On December 31, Parrot acquires Sun’s outstanding stock by paying $360,000 in cash and issuing 10,000 shares ofits own common stock with a value of $40 per share. Parrot paid legal and account¬ ing fees of $20,000 as well as $5,000 in stock issuance costs.

In the following situations, determine the value that would be shown in consolidated financial state¬ ments for each of the accounts listed.

Accounts Inventory Land Buildings and equipment Franchise agreements Goodwill Revenues Additional paid-in capital Expenses Retained earnings, 1/1