Bilge Pumpworks and Seaworthy Rope Company agreed to merge on January 1, 20X3. On the date of the merger agreement, the companies reported the following data: Bilge Pumpworks Seaworthy Rope Company Fair Value Fair Value Balance Sheet Items Assets Cash & Receivables Inventory Land lant & Equipment Less: Accumulated Depreciation Book Value Book Value $ 98,000 108,000 108,000 416,000 (140,000) $98,000 160,000 152,000 318,000 $ 17000 27,000 7,000 213,000 (79,000) $ 17000 39,000 12,000 130,000 Total Assets S590,000 $728,000 185,000 $198,000 Liabilities & Equities Current Liabilities Capital Stock Capital in Excess of Par Value Retained Earnings $73,000 $29,000 $ 73.000 321,000 28,000 168,000 $ 29,000 70,500 3,000 72,500 Total Liabilities & Equities S590,000 $185,000 Bilge Pumpworks has 10,700 shares of its $30 par value shares outstanding on January 1, 20X3, and Seaworthy has 4,700 shares of $15 par value stock outstanding. The market values of the shares are $300 and $70, respectively