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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 $ 486,500 $ 67,350 $ 67,350
Receivables 250,500 391,000 391,000
Inventory 490,000 301,000 356,300
Land 637,500 203,000 182,700
Building and equipment (net) 840,000 303,000 364,900
Franchise agreements 317,000 226,000 260,100
Accounts payable (382,000 ) (166,000 ) (166,000 )
Accrued expenses (169,000 ) (42,750 ) (42,750 )
Longterm liabilities (1,140,000 ) (625,000 ) (625,000 )
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 (547,500 ) (333,000 )
Revenues (1,034,000 ) (431,600 )
Expenses 981,000 407,000

Note: Parentheses indicate a credit balance.

On December 31, Padre acquires Sols outstanding stock by paying $319,000 in cash and issuing 14,100 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $23,500 as well as $8,800 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.)

Inventory, Land, Building and equipment, Franchise agreement, goodwill, revenues, additional paid-in capital, expenses, retained earning 1/1, and retained earning 12/31

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