On January 1, 2024, Presidio Company acquired 100 percent of the outstanding common stock of Mason Company. To . acquire these shares, Presidio issued $210,000 in long-term liabilities and 20,500 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Presidio paid $31,000 to accountants, lawyers, and brokers for assistance in the acquisition and another $12,250 in connection with stock issuance costs. Amounts with credit balances are shown with parenthesis. Prior to these transactions, the balance sheets for the two companies were as follows: In Presidio's appraisal of Mason, it deemed three accounts to be undervalued on the subsidiary's books: Inventory by $5,500, Land by $23,000, and Buildings by $31,500. Presidio plans to maintain Mason's separate legal identity and to operate Mason as a wholly owned subsidiary. Required: a. Determine the consideration paid for Mason Company. b. Determine the book value of Mason's assets. c. Determine the allocation of fair value to individual assets. d. Determine the total net fair value of assets. e. Determine the excess of fair value over cost. In Presidio's appraisal of Mason, it deemed three accounts to be undervalued on the subsidiary's books: Inventory by $5,500, Land by $23,000, and Bulldings by $31,500. Presidio plans to maintain Mason's separate legal identity and to operate Mason as a wholly owned subsidiary. Required: a. Determine the consideration paid for Mason Company. b. Determine the book value of Mason's assets. c. Determine the allocation of fair value to individual assets. d. Determine the total net fair value of assets. e. Determine the excess of fair value over cost. f. Record the three transactions that occurred to create the business combination