12. The following are preliminary financial statements for Green Co. and Gold Co. for the year ending December 31, 2018 prior to Green's acquisition of Gold. Sales Expenses Net income Retained earnings, January 1, 2018 Net income (from above) Dividends declared Retained earnings, December 31, 2018 Current assets Land Building (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, December 31, 2018 Total liabilities and stockholders' equity Green Co. $360,000 Gold Co. $228,000 (240,000) (132,000) $120,00 $ 0 96,000 $480,000 $252,000 120,000 96,000 (36,000) -0- $564,00 $348,00 0 0 $360,000 $120,000 120,000 108,000 480,000 336,000 $960,00 $564,00 0 0 $108,000 $132,000 192,000 72,000 96,000 12,000 564,000 348,000 $960,00 564,00 0 0 On December 31, 2018 (subsequent to the preceding statements), Green exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Gold. Green's stock on that date has a fair value of $60 per share. Green was willing to issue 10,000 shares of stock because Gold's land was appraised at $204,000. Green also paid $14,000 to attorneys and accountants who assisted in creating this