Patton Company purchased all of the shares of Schimdt Company for 5000000 in cash on January 1 2015 At the date of acquisition fair values of Schimdts current assets totaled 350000 fair values of Schimdts longterm assets totaled 2800000 and fair values of Schimdts liabilities were the same as reported values Schimdt has no previously unreported assets or liabilities The balance sheets of Patton and Schimdt just after the acquisition appear below