Exercise 4-11 On January 1, 2017, Plutonium Corporation acquired 80% of the outstanding stock of Sulfurst Inc. for $277,500 cash. The following balance sheet shows Sulfurst Inc.'s book values immediately prior to acquisition, as well as the appraised values of its assets and liabilities by Plutonium's experts. Book Values Market Va Current assets $94,800 594,800 Property, lant & equipment: 72,500 185,900 5353,200 $92,000 91,600 18,100 151,500 5353,200 93,400 185,900 Land Building & machinery (net) Total assets Total liabilities Common stock, $5 par value Additional paid-in-capital Retained earnings Total liabilities and equities 592,000