24. Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Padre Sol Company Fair Values 12/31 Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Acerued expenses Long-term liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings. 1/1 Company Book Values 12/31 $ 400,000 220.000 410.000 600.000 600.000 220.000 (300.000 (90,000 (900,000 1660.000) Book Values 12/31 $ 120.000 300.000 210.000 130.000 270.000 190.000 (120,000) (30.000) (510,000) $ 120.000 300,000 260.000 110.000 330.000 220.000 (120,000) (30,000) (510,000) (70,000 (390,000) (210.000 (90,000 (240.000) Additional paid-in capital Retained earnings, 1/1 Revenues Expenses (70,000) (390,000) (960,000) 920,000 (90,000) (240,000) (330,000) 310,000 Note: Parentheses indicate a credit balance. Page 80 On December 31. Padre acquires Sol's outstanding stock by paying $360,000 in cash and issuing 10,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $20,000 as well as $5,000 in stock issuance costs. Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. Accounts Inventory Reventies Land Additional paid-in capital Buildings and equipment Expenses Franchise agreements Retained earnings. 1/1 Goodwill Retained earnings. 12/31