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Please help to show the workings: Maryhill Corp. purchased all of Hood River Company's common stock for $3,612,000 cash on January 1. When analyzing the

Please help to show the workings:

Maryhill Corp. purchased all of Hood River Company's common stock for $3,612,000 cash on January 1. When analyzing the purchase price, Maryhill Corp. determined that the other assets of Hood River were undervalued by $633,600 and that the company had an unrecorded liability of $240,000 related to ongoing litigation. Any excess purchase price was for goodwill.

Use the following table to consolidate the balance sheets of the two companies as of the acquisition date.

Maryhill

Hood River

Consolidating

Adjustments

Consolidated

Balance Sheet

Investment in Hood River

$3,612,000

Other assets

6,156,000

$2,452,800

Goodwill

Total assets

$9,768,000

$2,452,800

Liabilities

$4,060,800

$1,166,400

Common stock

2,052,000

540,000

Retained earnings

3,655,200

746,400

Total Liabilities & Equity

$9,768,000

$2,452,800

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