Pratt Company acquired all of Spider, Inc.'s outstanding shares on December 31, 2018, for $510,100 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: Computer software Equipment client contracts In-process research and development Notes payable Book Values $ 24,000 52,500 0 0 (103,000) Fair Values $ 70,000 37,200 116,000 27,000 (109,350) 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 liabilities and equities Pratt $ 11,350 154,500 167,500 510,100 215,500 577,750 316,000 0 0 $ 1,952, 700 $ (94,200) (532,500) (380,000) (170,000) (776,000) $(1,952,700) Spider $ 36,000 56,000 107,500 0 24,000 138,000 52,500 0 0 414,000 $ (26,000) (103,000) (100,000) (25,000) (160,000) $ (414,000) Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2018. PRATT COMPANY AND SUBSIDIARY Consolidated Balance Sheet December 31, 2018 Acente Tiahilitine and Stalhaldare! Callitu