On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $756,500 cash. At the acquisition date, Quigleys book and fair values were as follows:

Book Value				Fair Value
Cash	$	107,500			$	107,500
Receivables		293,000				293,000
Inventory		266,000				317,000
Land		176,500				155,500
Building and equipment (net)		278,000				339,000
Patented technology		0				220,000
Total assets	$	1,121,000			$	1,432,000
Accounts payable	$	121,000			$	121,000
Long-term liabilities		714,000				714,000
Common stock ($5 par value)		210,000
Additional paid-in capital		90,000
Retained earnings		(14,000	)
Total liabilities and stockholders equity	$	1,121,000

Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets.

Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting.