Problem 2-30 (Algo) (LO 2-4, 2-5, 2-7, 2-8) Pratt Company acquired all of the outstanding shares of Spider, Incorporated, on December 31, 2024, for $482,500 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 $ 38,500 $ 89,500 70,500 53,100 0 108,500 0 (73,000) 32,750 (78,350) At December 31, 2024, the following financial information is available for consolidation (credit balances in parentheses): Items 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 Required: Pratt $ 12,700 Spider $ 28,500 139,500 156,000 53,000 75,000 482,500 0 244,500 38,500 568,750 154,000 373,000 70,500 0 0 0 0 $ 1,976,950 $ 419,500 $ (94,700) (522,250) (380,000) (170,000) (810,000) $ (1,976,950) $ (71,500) (73,000) (100,000) (25,000) (150,000) $ (419,500) Prepare a consolidated balance sheet for Pratt and Spider as of December 31, 2024.