The following information has been extracted from Pride Co. and Safola Co. on June 30, 2020. Pride Co. Safola Co. Safola Co. Book Value Fair Value Current assets $300,000 $80,000 $80,000 Patented technology 700,000 100,000 700,000 In-process research & Development 800,000 Liabilities (400,000) (400,000) (400,000) Common stock (200,000) (100,000) Additional paid-in capital (300,000) (300,000) Retained earnings, deficit 1/1 (100,000) 700,000 Revenues (900,000) (300,000) Expenses 500,000 220,000 Pride Co. obtained all of the outstanding shares of Safola Co. on June 30 by issuing 20,000 shares of $1 par value but a $50 fair value. Pride incurred $10,000 in stock issuance costs and paid $75,000 to an investment bank to arrange the combination. It also agreed to pay $100,000 (present value $30,000) to Safola former owners if it achieves certain earnings in the next two years. uire (3 Points) 1. Allocate the consideration transferred among the assets acquired and liabilities assumed to show any goodwill or gain on bargain purchase. 2. Calculate consolidated: a. Patented technology b. Common stock. c. Additional paid-in capital d. Expenses The following information has been extracted from Pride Co. and Safola Co. on June 30, 2020. Pride Co. Safola Co. Safola Co. Book Value Fair Value Current assets $300,000 $80,000 $80,000 Patented technology 700,000 100,000 700,000 In-process research & Development 800,000 Liabilities (400,000) (400,000) (400,000) Common stock (200,000) (100,000) Additional paid-in capital (300,000) (300,000) Retained earnings, deficit 1/1 (100,000) 700,000 Revenues (900,000) (300,000) Expenses 500,000 220,000 Pride Co. obtained all of the outstanding shares of Safola Co. on June 30 by issuing 20,000 shares of $1 par value but a $50 fair value. Pride incurred $10,000 in stock issuance costs and paid $75,000 to an investment bank to arrange the combination. It also agreed to pay $100,000 (present value $30,000) to Safola former owners if it achieves certain earnings in the next two years. uire (3 Points) 1. Allocate the consideration transferred among the assets acquired and liabilities assumed to show any goodwill or gain on bargain purchase. 2. Calculate consolidated: a. Patented technology b. Common stock. c. Additional paid-in capital d. Expenses