On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $718,500 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) Book Value $ 101,500 Fair Value S 101,500 234,000 234,000 265,000 325,000 149,000 119,000 270,000 340,000 220,000 $1,019,500 $1,339,500 $128,000 $ 624,000 128,000 624,000 210,000 Additional paid-in capital Retained earnings Total liabilities and stockholder's equity 90,000 (32,500) $1,019,500 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 Balance Sheet May 1 Assets Liabilities and stockholders' Equity Total assets $ Total liabilities and stockholders equity