Messi Corp. Millan, Inc. acquires 100% of the outstanding shares of Messi Corp. for $2,350,000 and accounts for the transaction using the purchase method. Messi's balance sheet at the acquisition date is as follows: Messi Corp. Balance Sheet Acquisition Date Current Historical Cost Market Value Assets Current Assets $900,000 $900,000 Depreciable Assets less Accumulated Depreciation Goodwill $875,000 $1,250,000 Total Assets $1,775,000 Liabilities and Equities Liabilities Deferred Income Tax Liability Shareholders' Equity Total Liabilities and Equities $1,100,000 $1,100,000 $125,000 $125,000 $550,000 $1,775,000