Pratt Company acquired all of Spider, Inc.'s outstanding shares on December 31, 2018, for $527.650 cash. Pratt will operate Spider as a wholly owned subsidiary with a separate legal and accounting identity. Although many of Spider's book values approximate fair 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: Book Values Fair Values Computer software $ 34,000 $ 87,250 Equipment 86,400 70,900 client contracts 111,800 In-process research and development 53,750 Notes payable (94,500) (104,250) At December 31, 2018, the following financial information is available for consolidation: At December 31, 2018, the following financial information is available for consolidation: Cash Receivables Inventory Investment in Spider Computer software Buildings (net) Equipment (net) client contracts Goodwill Total assets Accounts payable Notes payable Common stock Additional paid in capital Retained earnings Total 11abilities and equities Pratt Spider 16,100 37,700 118,000 57,000 154,000 76,000 527,650 210,500 34,000 596,500 150,000 340,000 86,400 @ @ $ 1,962,750 $ 441,100 $ (93,000) $ (69,000) (530,250) (94,500) (380,000) (100,000) (170,000 (25,000) (789,500) (152,600) $(1,962,750) $ (441,100) Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2018 Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2018. PRATT COMPANY AND SUBSIDIARY Consolidated Balance Sheet December 31, 2018 Liabilities and Stockholders' Equity Assets Total assets Total liabilities and equities