Problem 2-24 (LO 2-4,2-5, 2-6, 2-6, 2-6c) Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Padre Company Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses 12/31 $ 491,250 238, see 472.500 680, eee 777, see 235,800 (387, eee) (121,600) (1,632,500) (660,000) Sol Company Book Values Fair Values 12/31 12/31 $ 56,958 $ 56.952 379, eee 379, 80e 243.299 301, 708 201,000 171,900 312, eee 372, 380 210,000 248,300 (120, 800) (120,00) (36,250) (36,250) (677,500) (677,500) (70, eee) (580, 800) (1,016, 250) 972,800 (210,000) (90,000) (243,80e) (434,200) 489, eee Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $329,000 in cash and issuing 11,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $20,000 as well as $8,400 in stock issuance costs. Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) * Answer is complete but not entirely correct. Worksheet Amounts Inventory $ 774,200 Land $ 851,900 Buildings and equipment $ 1,149,800 Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$28 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses 472,500 680, eee 777, see 235, eee (387, eee) (121. eee) (1,032, 5ee) (660, 800) 243,800 281,800 312.eeg 210.299 (129, eee) (36,25e) (677,5ee) 381,700 171,900 372,300 240,300 (129, eee) (36,250) (677,5ee) (70, eee) (580, eee) (1,016, 250) 972, eee (210,000) (90, eee) (243, eee) (434, 200) 489, Note: Parentheses indicate a credit balance. On December 31. Padre acquires Sol's outstanding stock by paying $329,000 in cash and issuing 11,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $20,000 as well as $8.400 in stock issuance costs. Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) * Answer is complete but not entirely correct. Worksheet Inventory Land Buildings and equipment Franchise agreements Goodwill Revenues Additional paid in capital Expenses Retained earnings. 1/1 Retained earnings. 12/31 Amounts s 774.200 $ 851,900 $ 1,149,800 $ 475,300 s 80.600 S 1,016,250 $ 281,600 $ 992.000 S 580.000 624 250