Pratt Company acquired all of the outstanding shares of Spider, Incorporated, on December 31, 2024, 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 Items 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, 2024, the following financial information is available for consolidation (credit balances in parentheses): Items Pratt Cash $ 11,350 Receivables 154,500 Inventory Investment in Spider 167,500 Spider $ 36,000 56,000 107,500 510,100 0 Computer software 215,500 24,000 Common stock Buildings (net) Equipment (net) Client contracts Goodwill Total assets Accounts payable Notes payable Additional paid-in capital 577,750 138,000 316,000 52,500 0 0 0 0 $ 1,952,700 $ 414,000 $ (94,200) (532,500) (380,000) $ (26,000) (170,000) Retained earnings (776,000) Total liabilities and equities $ (1,952,700) (103,000) (100,000) (25,000) (160,000) $ (414,000) Required: Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2024. Cash Receivables Inventory Investment in Spider Computer software Buildings (net) Assets Equipment (net) Client contracts Research and development asset Goodwill Total 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 $ 0 Total liabilities and equities $ 0