mework 6 Help Seve &Ext Saved Check m May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Qulgley Corporation in exchange for $702,500 cash. At the acquisition date, Quigley's book and fair values were as follows Book Value Fair Value Cash Receivables Inventory Land 140,500 140,500 276,000 223,000 138,000 297,000 276,000 284,000 107,000 368, 000 220,000 Building and equipment (net) Patented technology Total assets Accounts payable Long-term liabilities 1,074,500 1,395,500 $ 122,500 122,500 702,000 210,000 90,000 (50,000) 702,000 Common stock ($5 par value) Additional paid-in capital Total liabilities and stockholders equity $1,074,500 Consequently, Quigley will issue Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. a set of financial statements separate from that of its new parent to support its Quigley elects request for debt and accompanying regulatory filings to apply pushdown accounting in order to show recent fair valuations for its assets. Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting QUIGLEY CORPORATION Balance Sheet Assets Liabilities and stockholders' Equity