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? And Should this acquisition be approved?