Pratt Company acquired all of the outstanding shares of Spider, Inc on December 31, 2021. 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, 2021, the following financial information is available for consolidation dit balances in parentheses) 3 5 Pratt 16.100 118,000 154,000 527,650 210,500 596,500 340,000 Spider 37.700 57,000 76,000 34,000 150,000 86,400 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 0 5 1.962,750 $441,100 $ (93,000) $ (69,000) (530,250) (94,500) (380,000) (10,000) (170,000 (25,000) (789.500) (152.600) $(1,962,750) 5 (441.100) Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2021