On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $752,500 cash. At the acquisition date, Quigleys book and fair values were as follows:

	Book Value				Fair Value
Cash	$	128,000			$	128,000
Receivables		267,000				267,000
Inventory		222,000				275,000
Land		172,500				149,500
Building and equipment (net)		331,000				394,000
Patented technology		0				220,000
Total assets	$	1,120,500			$	1,433,500
Accounts payable	$	139,000			$	139,000
Long-term liabilities		704,000				704,000
Common stock ($5 par value)		210,000
Additional paid-in capital		90,000
Retained earnings		(22,500	)
Total liabilities and stockholders equity	$	1,120,500

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.