Pratt Company acquired all of the outstanding shares of Spider, Incorporated, on December 31, 2024, 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: Computer software Items Equipment Client contracts In-process research and development Notes payable Book Values Fair Values $ 34,000 86,400 $ 87,250 70,900 (94,500) 111,800 53,750 (104,250) At December 31, 2024, the following financial information is available for consolidation (credit balances in parentheses): Items Pratt Cash $ 16,100 Spider $ 37,700 Receivables Inventory 118,000 154,000 57,000 76,000 Investment in Spider 527,650 Computer software 210,500 34,000 Buildings (net) 596,500 150,000 Equipment (net) 340,000 86,400 Client contracts Goodwill Total assets Accounts payable Notes payable 8 8 $ 1,962,750 $ 441,100 Common stock Additional paid-in capital $ (93,000) (530,250) (380,000) (170,000) Retained earnings (789,500) Total liabilities and equities $ (1,962,750) $ (69,000) (94,500) (100,000) (25,000) (152,600) $ (441,100) Required: Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2024. Cash Receivables Inventory Investment in Spider Computer software Assets PRATT COMPANY AND SUBSIDIARY Consolidated Balance Sheet December 31, 2024 Liabilities and Owners' Equity Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings Buildings (net) Equipment (net) Client contracts Research and development asset Goodwill Total assets $ 0 Total liabilities and equities $ 0