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Davis Corporation has incurred losses from operations for several years. At the recommendation of the newly hired president, the board of directors voted to implement a quasi-reorganization, subject to stockholder approval. Immediately prior to the restatement, on June 30, Davis's balance sheet was as follows: Current assets Property, plant, and equipment (net) Other assets 550,000 1,350,000 200.000 $2,100,000 Total liabilities Common stock ($10 par, 160,000 shares) Additional paid-in capital Retained earnings (deficit) 600,000 1,600,000 300,000 (400,000) $2,100,000 The stockholders approved the quasi-reorganization effective July 1. It was determined that Other Assets had a fair value of $50,000 and Property, Plant, and Equipment (net) a fair value of $1,000,000. Required: Develop the quasi-organization plan to present to the shareholders, making an appropriate adjustment to the capital structure as necessary but without a stockholder assessment