Pratt Company acquired all of the outstanding shares of Spider, Inc., on December 31, 2021, 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 Fair Values $ 24,000 $ 70,000 52,500 37,200) 0 116,000 0 (103,000) 27,000 (109,350) At December 31, 2021, the following financial Information is available for consolidation (credit balances in parentheses): 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 Spider $ 11,350 154,500 $ 36,000 56,000 167,500 107,500 510, 1000 0 215,500 577,750 316,000 24,000 138,000 52,500 0 $ 1,952,700 $414,000 $ (94,200) $ (26,000) (532,500) (103,000) (380,000) (100,000) (170,000) (25,000) (776,000) (160,000) $(1,952,700) $ (414,000) Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2021. PRATT COMPANY AND SUBSIDIARY Worksheet for a Consolidated Balance Sheet