On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $710,000 cash. At the acquisition date, Quigleys book and fair values were as follows:

	Book Value			Fair Value
Cash	$	95,000		$	95,000
Receivables		200,000			200,000
Inventory		210,000			260,000
Land		130,000			110,000
Building and equipment (net)		270,000			330,000
Patented technology		0			220,000
Total assets	$	905,000		$	1,215,000
Accounts payable	$	120,000		$	120,000
Long-term liabilities		510,000			510,000
Common stock ($5 par value)		210,000
Additional paid-in capital		90,000
Retained earnings		(25,000	)
Total liabilities and stockholders equity	$	905,000

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.