On January 1, 20x3, PURE Products Corporation issued 12,000 shares of its $10 par value stock to acquire the net assets of Light Steel Company Underling book value and fair value information for the balance sheet items of Light Steel at the time of acquisition follow: BALANCE SHEET ITEM BOOK VALUE FAIR VALUE Cash $ 60,000 $ 60,000 Accounts Receivable 100,000 100,000 Inventory (LIFO basis) 60,000 115,000 Land 50,000 70,000 Buildings and Equipment 400,000 350,000 Less: Accumulated Depreciation (150,000) --- Total Assets $520,000 $695,000 Accounts Payable $ 10,000 $ 10,000 Bonds Payable 200,000 180,000 Common Stock ($15 par value) 150,000 Additional Paid-In Capital 70,000 Retained Earnings 90,000 Total Liabilities and Equities $520,000 Light Steel shares were selling at $18 and PURE Products shares were selling at $50 just before the merger announcement. Additional cash payments made by PURE Products in completing the acquisition were: Finder