Accounting 405, Assignment 2 Show all computations, solve the problem using Excel, and submit the solution on Canvas The following are pre-acquisition financial balances for Olney Corporation and Logan Corporation as of December 31. Also included are fair values for Logan Corporation accounts. Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Long-term liabilities Common stock - $20 par value Common stock - $5 par value Additional paid-in capital Retained earnings - Jan 1 Revenues Expenses Totals Olney Book Values December 31 Debit Credit 400,000 220,000 410,000 600,000 600,000 220,000 300,000 90,000 900,000 660,000 Logan Logan Book Values Fair Values December 31 December 31 Debit Credit Debit Credit 120,000 120,000 300,000 300,000 210,000 280,000 130,000 | 110,000 270,000 340,000 190,000 210,000 120,000 120,000 30,000 30,000 510,000 510,000 70,000 390,000 960,000 210,000 90,000 240,000 330,000 310,000 1,530,000 1,530,000 920,000 3,370,000 3,370,000 On December 31, Olney acquires Logan's outstanding stock by paying $600,000 in cash and issuing 20,000 shares of its own common stock with a fair value of $25 per share. Olney paid legal and accounting fees of $50,000 as well as $12,000 in stock issuance costs. Required: Determine the value that would be shown in Olney's consolidated financial statements for each of the accounts listed: Accounts Inventory Revenues Land Additional paid-in capital Buildings and equipment Expenses Franchise agreements Retained earnings, January 1 Goodwill Retained earnings, December 31