23 Pratt Company acquired all of Spider, Inc.'s outstanding shares on December 31, 2018, for $539,650 cash. Pratt will operate Spider as a wholly owned subsidiary with a separate legal and accounting identity. Although many of Spider's book values approximate fair values, several of its accounts have fair values that differ from book values. In addition, Spider has internally developed assets that remain unrecorded on its books. In deriving the acquisition price. Pratt assessed Spider's fair and book value differences as follows: ports Equipment client contracts In process research and development Notes payable Book Values Fair Values $ 46,000 $ 106,500 79.500 60,000 124,000 28,750 166.000) (71.650) References At December 1, 2018, the following financial information is available for consolidation: 15.250 12.500 Receivables 145.00 4.500 Temst in spider Computer software Buildings net) Egent (net) Client Contract 149,000 79,500 323,000 Total se Mounts payable Notes payable C on OOR $ 1.969.250 9,500) (526,750) (380,000) S431.000 59,000) 66,000) (100,000) Common stock Additional paid in capital Retained earnings Total lubilities and equities (380,000) (100,000) (170.000) (25.000) (783,000) (181,000) $11,949,250) $ (431,000) 23 Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2018 points PRATT COMPANY AND SUBSIDIARY Consolidated Balance Sheet December 31, 2018 Llabies and Stockholders' Equity Pin Assets rences 0 Totallites and equities