On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $702,500 cash. At the acquisition date, Quigleys book and fair values were as follows: Book Value Fair Value Cash $ 107,500 $ 107,500 Receivables 288,000 288,000 Inventory 238,000 312,000 Land 164,500 120,500 Building and equipment (net) 339,000 423,000 Patented technology 0 220,000 Total assets $ 1,137,000 $ 1,471,000 Accounts payable $ 148,500 $ 148,500 Long-term liabilities 732,000 732,000 Common stock ($5 par value) 210,000 Additional paid-in capital 90,000 Retained earnings (43,500 ) Total liabilities and stockholders equity $ 1,137,000 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.