24. Following are preacquisition financial balances for Padre Company and Sol Company as of Decem- ber 31. Also included are fair values for Sol Company accounts. Padre Company Book Values 12/31 Sol Company Book Values 12/31 Fair Values 12/31 Cash Receivables. $ 400,000 $ 120,000 $ 120,000 220,000 300,000 300,000 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. (300,000) (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) 920,000 310,000 Expenses. Note: Parentheses indicate a credit balance.