Pratt Company acquired all of Spider, Inc.'s outstanding shares on December 31, 2018, for $499,450 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 $ 30,000 61,750 Computer software Equipment Client contracts In-process research and development Notes payable 70,000 57,100 120,800 34,250 (105, 200) (96,000) At December 31, 2018, the following financial information is available for consolidation Pratt Spider Cash Receivables Inventory Investment in Spider Computer software Buildings (net) Equipment (net) Client contracts Goodwil1 9,750 $10,600 66, 500 103,500 104,000 133,500 499,450 241,000 613,500 314,000 30,000 172,400 70,000 $ 1,915,200 453,000 Total assets Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings $ (89,700) (68,500) (96,000) 0,000) (100,000) (25,000) (511,500) (38 (170,000) (764,0) (163,509 Total liabilities and equities $(1,915,200) (453,000) Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2018. PRATT COMPANY AND SUBSIDIARY Consolidated Balance Sheet December 31, 2018 Assets Liabilities and Stockholders' Equity Total assets 0 Total liabilities and equities