Part IV $(40$ pts$.)$

Oates Corporation and Smith Jr$.$ Company Separate Balance sheets $($prior to business combination$)$

December $31,2020$

$*$On December $31,2020,$ the Current fair value of Smith Jr$.$ plant asset was $$1,450,000.$

A$.$ On December $31,2020.$ Oates Corporation acquired all of the outstanding common stock of Smith Jr$.$ Company for $$2,325,000$ cash. Prepare the consolidated balance sheet for Oates Corporation and subsidiary.