2. Consolidating Entries Bates Corporation purchased 100% of the common stock of Johns Inc. on January 2, 2021. Johns\" balance sheet on January 2, 2021 was as follows: Accounts receivable-net $3 50,000 Cmrent liabilities $250,000 Inventory 250,000 Long term debt 300,000 Land 200,000 Common stock ($1 par) 45,000 Building-net 450,000 Paid-in capital 300,000 Equipment-net 120,000 Retained earnings 475,000 Total Assets gm Total Liabilities :9; Equitf,r W Fair values agree with book values except for inventory, land, and equipment that have fair values of $275,000, $150,000 and $150,000, respectively. Johns has unrecorded patent rights valued at $75,000. Prepare a schedule to assign values to Johns\" post-acquisition assets and liabilities assuming Bates paid $1,000,000 cash for the acquisition