Problem 2: Plant Company acquired all of Stem, Inc.'s outstanding shares on January 1. Plant paid $300,000 and issued $200,000 in long-term liabilities and paid $40,000 in legal fees. Plant also agreed to pay $75,000 to the former owners of Stem contingent on meeting certain revenue goals during the following year. Plant estimated the present value of its probability adjusted expected payment for the contingency or contingent obligation at $43,000 Precombination book values for Stem, Inc. are as follows: Current assets Equipment Buildings $ 85,000 90,000 175,000 Goodwill 33,000 Total 383,000 Current liabilities $ (50,000) Common stock Retained earnings Revenues Expenses Total (180,000) (115,000) (138,000) 100,000 $ (383,000) Plant's appraisal of Stem found two balance sheet accounts that differed from fair value. Equipment was undervalued by $15,000 and Buildings by $5,000. Plant noted that Stem has unrecorded client contracts worth $60,000 and research and development activity in process with an appraised fair value of $90,000 a. What is the total consideration given by Plant? (Show your calculations.) b. What values for each of the acquired assets and liabilities will be used in the consolidation?