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On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $733,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Book Value Fair Value Cash 3 101, 000 $ 101, 000 5 Receivables 229, 000 229, 000 . Inventory 254, 000 323, 000 \"\"5 Land 157, 500 118, 500 Building and equipment (net) 330, 000 409, 000 Patented technology 0 220, 000 eEook Total assets ll, 071, 500 3 1,400, 500 Accounts payable 1' 146, 000 $ 146, 000 Print Longnterm liabilities 666, 000 666, 000 Common stock ($5 par Value) 210,000 References Additional paid-in Capital 90, 000 Retained earnings (40, 500)I Total liabilities and stockholders equity $1., 071, 500 Burns directs Quigley to seek additional financing for expansion through a new longeterrn 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 lings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets. Prepare a separate acquisitionedate balance sheet for Quigley Corporation using pushdown accounting. Print QUIGLEY CORPORATION References Balance Sheet May 1 Assets Liabilities and stockholders' Equity Total assets Total liabilities and stockholders' equity