On January $1,2024,$ Presidio Company acquired $100$ percent of the outstanding common stock of Mason Company. To acquire these shares, Presidio issued to the owners of Mason $$318,000$ in long$-$term liabilities and $20,000$ shares of common stock having a par value of $$1$ per share but a fair value of $$10$ per share. Presidio paid $$25,000$ to accountants, lawyers, and brokers for assistance in the acquisition and another $$10,000$ in connection with stock issuance costs.

Prior to these transactions, the balance sheets for the two companies were as follows:

$\backslash$table$[[$Items$,\backslash$table$[[$Presidio$],[$Company$]],\backslash$table$[[$Mason$],[$Company$]]],[$Cash$,$$$71,700,$$$39,800$