On January 1, 2023, Kingbird Company issued 1,670 of its $20 par value common shares with a fair value of $60 per share in exchange for the 2,000 outstanding common shares of Blue Spruce Company in a purchase transaction. Registration costs amounted to $2,400, paid in cash. Just prior to the acquisition, the balance sheets of the two companies were as follows: Kingbird Company Blue Spruce Company Cash $71,000 $13,300 Accounts receivable (net) 105,000 19,900 Inventory 61,000 26,500 Plant and equipment (net) 100,000 45,000 Land 29,000 28,000 Total assets $366,000 $132,700 Accounts payable $68,500 $16,500 Notes payable 89,500 28,000 Common stock, $20 par value 100,000 40,000 Other contributed capital 63,000 24,000 Retained earnings 45,000 24,200 Total equities