Quick Glow, Inc. acquired 100% of the voting common stock of Rapid Shine, Inc. by transferring the following consideration to Rapid Shines shareholders:

Quick Glow

Cash	$200,000
10,000 new shares of	$100,000 (par)
Quick Glows $20 par common stock
(which is less than 2% of Quick Glows Outstanding stock)

In addition, Quick Glow paid $17,000 direct cost of carrying out the combination.

At the end date of the acquisition, Quick Glows common stock was selling in an active market for $25 per share. Also, at the date of the acquisition, Rapid Shine had the following assets and liabilities with the book values and fair values shown:

	Book Value	Market Value
Accounts Receivable	$25,000	$25,000
Property and Equip	$120,00	$150,00
Land	$75,000	$105,000
Other Assets	$60,000	$60,000
Total Assets	$280,000	$340,000
Accounts Payable	$250,000	$250,00
Other Short-term Debt	$20,000	$20,000
Long-Term Debt	$45,000	$45,000
Total Liabilities	$315,000	$315,000

What is Rapid Shines net assets at the date of acquisition? Make sure to show your work and provide a description.

You have determined Rapid Shines nets assets. What is the significance of determining Net Assets in an acquisition?

In your opinion based on the data you have, should this acquisition be approved?