BALANCE SHEET SUS Paper & Ink Corp Smooth Solutions 1/01/2012 1/01/2012 2,033,174 200,000 Short-Term Investments Accounts Receivable 5,250,000 10,000,000 S 11.300,000 Inventory Invesment in Subsidiary 31,000,000 Equipment 19,325,000 S 7,450,000 Trucks 4,200,000 1.900.000 Trailers 2,400,000 750,000 1.750,000 S 1.150,000 Other Assets Building 875,000 S 750,000 Land 500,000 S 425,000 s 4,500,000 Long-Term Investments Term 1,200,000 S other Long Assets 1,350,000 ES 85,683,174 S 30,525.000 Total Assets 7250,000 S 4250,000 Accounts Payable s 3,250,000 s 2150.000 other current Liabilities 4000,000 Notes Payable s 5,000,000 s 7,000,000 Credit Line s Long Term Debt 5,400,000 3,350,000 Total Liabilities IDS 24,900,000 16,750,000 Common Stock (Par $.10) 361,600 125,000 49,371,574 11,500,000 RE S 11.050,000 S 2.150,000 IS 60,783,174 S 13775.000 Total Equity IS 85,683,174 S 30.525000 Total Liabilities and Equity 24. True/False The existing liability accounts on the subsidiary's balance sheet will always qual fair value? Explain your answer. 25. Short Explain how to account for assets and liabilities identified at the time of the acquisition but are not listed on the subsidiary company's balance sheet