Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts.

Note: Parentheses indicate a credit balance.

On December 31, Padre acquires Sols outstanding stock by paying $360,000 in cash and issuing 10,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $20,000 as well as $5,000 in stock issuance costs.

Determine the value that would be shown in Padres consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.)

Padre Sol Company Company Book Values Fair Values Book Values 12/31 12/31 12/31 $ 120,000 $ 400,000 $ 120,000 Cash Receivables Inventory 220,000 410,000 600,000 600,000 220,000 (300,000) (90,000) (900, 000) (660,000) 300,000 210,000 130,000 270,000 190,000 (120,000) (30,000) (510,000) 300,000 260,000 110,000 330,000 220,000 (120,000) (30,000) (510,000) Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 (210,000) (90,000) (240,000) (330,000) 310,000 (70,000) (390,000) (960,000) 920,000 Revenues Expenses Answer is complete but not entirely correct. Accounts Amounts s 670,000 S 710,000 $ 930,000 S 440,000 Inventory Land Buildings and equipment Franchise agreements Goodwill 80,000 $ 960,000 Revenues Additional paid-in capital S 265,000 S 940,000 IS Expenses Retained earnings, S 390,000 1/1 Retained earnings, $ 430,000 12/31 %24 %24 %24 %24