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

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

Padre Company

Sol Company

Book Values Book Values Fair Values
12/31 12/31 12/31
Cash $ 158,000 $ 70,500 $ 70,500
Receivables 274,500 305,000 305,000
Inventory 582,500 267,000 323,100
Land 710,000 221,000 192,500
Building and equipment (net) 665,000 299,000 363,300
Franchise agreements 277,000 256,000 287,300
Accounts payable (339,000 ) (156,000 ) (156,000 )
Accrued expenses (148,000 ) (42,500 ) (42,500 )
Longterm liabilities (940,000 ) (607,500 ) (607,500 )
Common stock$20 par value (660,000 )
Common stock$5 par value (210,000 )
Additional paidin capital (70,000 ) (90,000 )
Retained earnings, 1/1 (450,000 ) (290,000 )
Revenues (1,038,000 ) (343,500 )
Expenses 978,000 321,000

Note: Parentheses indicate a credit balance.

On December 31, Padre acquires Sols outstanding stock by paying $154,000 in cash and issuing 16,700 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $26,300 as well as $10,600 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.)

Worksheet Amounts

Inventory

Land

Buildings and equipment

Franchise agreements

Goodwill

Revenues

Additional paid-in capital

Expenses

Retained earnings, 1/1

Retained earnings, 12/31

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