On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $729,500 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Book Value $ 100,000 216,000 233,000 177,500 319,000 0 $1,045, 500 Fair Value $100,000 216,000 304,000 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 $ 131,500 674,000 210,000 90,000 (60,000) $1,045, 500 136,500 400,000 220,000 $1,376,500 131,500 674,000 $ 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.