Pratt Company acquired all of Spider, Inc.'s outstanding shares on December 31, 2018, for $484,900 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 ValuesFair ValuesComputer software$46,600$94,350Equipment78,50067,900Client contracts0112,500In-process research and development029,000Notes payable(71,900)(78,900)

At December 31, 2018, the following financial information is available for consolidation:

PrattSpiderCash$32,400$6,800Receivables120,50032,000Inventory171,50054,000Investment in Spider484,9000Computer software230,50046,600Buildings (net)595,000171,500Equipment (net)315,00078,500Client contracts00Goodwill00Total assets$1,949,800$389,400Accounts payable$(95,300)$(41,000)Notes payable(531,500)(71,900)Common stock(380,000)(100,000)Additional paid-in capital(170,000)(25,000)Retained earnings(773,000)(151,500)Total liabilities and equities$(1,949,800)$(389,400)

Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2018.

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