Padre Sol Company Company Book Values Book Values Fair Values 12/31 12/31 12/31 s 400,000 120,000 120,000 300, 000 Cash 220, 000 410,000 600, 000 600,000 300,000 210,000 130,000 Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 260,000 110,000 270,000 330, 000 220, 000 (300,000) (90,000) (900,000) (660, 000) 190,000 (120, 000) (30,000) (510,000) 220,000 (120,000) (30,000) (510,000) (210,000) (70,000) (390, 000) (960,000) 920,000 (90, 000) Revenues Expenses (240, 000) (330, 000) 310,000