ork Problem 2-29 (LO 2-4, 2-5, 2-7, 2-8) Pratt Company acquired all of Spider, Inc.'s outstanding shares on December 31, 2018, for $484.450 cash. Pratt will aperate Spider as a wholly owned subsidiary with a separate legal and accounting identity. Although many of Spider's book values several of its accounts have fair values that differ from book values. In addition, Spider has internally developed assets that remain unrecorded on its books. In deriving the acquisition price, Pratt assessed Spider's fair and book value differences as follows e fair values $ 24,500 65,500 78,58 49,800 129,see In-process research and development (76,080) (82,600) At December 31, 2018, the following financial information is available for consolidation: Pratt Cash Receivables Inventory Investment in Spider Computer softvare Buildings (net) 116,500 142, 500 484,45e 213,500 608,250 383,e00 50,500 86,500 24,see 131,s0e 65,500 Client contracts Goodwi11 Total assets Accounts payable (521,750) (76,000) Total 1iabilities and equities Prepare a consolidated balance sheet for Pratt and Spider as of December 31. 2018