On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 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 Fair Value $ 141,500 $ 235,000 141,500 235,000 297,000 372,000 159,000 114,000 285,000 370,000 0 220,000 $1,117,500 $ 1,452,500 $ 140,500 $ 704,000 140,500 704,000 210,000 90,000 (27,000) $1,117,500 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 Total assets Assets Liabilities and stockholders' Equity Total liabilities and stockholders' equity