On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $728,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total assets Accounts payable Long-term liabilities Common stock ($5 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders equity Book Value $ 112,000 $ 218,000 Fair Value 112,000 218,000 232,000 302,000 177,000 137,000 323,000 403,000 0 220,000 $1,062,000 $ 1,392,000 $ 162,500 $ 638,000 210,000 90,000 (38,500) $1,062,000 162,500 638,000 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. QUIGLEY CORPORATION Total assets Assets Balance Sheet May 1 Liabilities and stockholders' Equity 69 $ 0 Total liabilities and stockholders' equity $ 0