Grande Inc. acquired $100\%$ of the voting common stock of Petite Inc. on January $1,2023.$ The book value and fair value of Petite$$s accounts on that date $($prior to creating the combination$)$ are as follows, along with the book value of Grande$$s accounts:

Grande Book Value

Petite Book Value

Petite Fair Value

Cash and receivables

$750,000$

$145,000$

$145,000$

Inventory

$340,000$

$290,000$

$305,000$

Land

$935,000$

$580,000$

$630,000$

Buildings $($net$)$

$1,480,000$

$830,000$

$845,000$

Equipment $($net$)$

$980,000$

$710,000$

$680,000$

Liabilities

$850,000$

$650,000$

$670,000$

Common stock

$1,350,000$

$430,000$

Additional paid$-$in capital

$780,000$

$310,000$

Retained earnings, $1/1/23$

$1,505,000$

$1,165,000$

Assume that Grande issued $30,000$ shares of common stock, with a $$5$ par value and a $$75$ fair value, to obtain all of Petite$$s outstanding stock. Grande also agreed to pay $$150,000$ to the former owners of Petite contingent on meeting certain income goals during the following year. Grande estimated the present value of its probability adjusted expected payment for the contingency at $$70,000.$

Please note that it would be easier to solve this problem assuming Grande dissolves Petite so that Petite ceases to exist after the acquisition.