On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $756,500 cash. At the acquisition date, Quigley's book and fair values were as follows: Fair Value $ 107,500 107,500 293,000 317,000 155,500 339,000 220,000 $1,121,000 $ 1,432,000 $ 121,000 121,000 714,000 Book Value 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 293,000 266,000 176,500 278,000 714,000 210,000 90,000 (14,000) $1,121,000 Burns dirts 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