Company acquired 100% of the voting common stock of Towel, Corp on January 1, 2020. Book and fair values as of January 1, 2020 are below.

Assume that Summer 20 issued 11,000 shares of common stock with a $5 par value and a $50 fair value to obtain all of Towel's outstanding stock. After this acquisition transaction, how much would the consolidated Retained Earnings and Additional Paid In Capital balances be? Show and label all work for each account separately to get credit.

	Summer 20 Book Value	Towel Corp Book Value	Towel Corp Fair Value
Retained Earnings 1/1/20	$245,000	$255,000
Cash and Receivables	$170,000	$80,000	$70,000
Inventory	$225,000	$180,000	$210,000
Land	$280,000	$220,000	$250,000
Buildings (net)	$480,000	$250,000	$270,000
Equipment (net)	$120,000	$90,000	$90,000
Liabilities	$650,000	$440,000	$420,000
Common Stock	$360,000	$85,000
Additional Paid in Capital	$20,000	$40,000