The shareholders of Prong Company and Horn Company agreed to a statutory amalgamation under which a share exchange took place. On September 1, Year 5, Prong Company issued 55,000 ordinary shares for all of the ordinary shares of Horn Company, after which Horn Company was dissolved. The ordinary shares of Prong Company traded at $9 per share on this date. After the amalgamation, Prong Company changed its name to Pronghorn Corporation.

The statements of financial position of the two companies on August 31, Year 5, were as follows:

	Prong Company			Horn Company
Plant and equipment	$	673,000		$	508,000
Accumulated depreciation		(224,000)			(208,000)
Other assets		60,000			39,000
Current assets		154,000			189,000
	$	663,000		$	528,000
Ordinary shares (Note 1)	$	70,000		$	100,000
Retained earnings		279,000			200,000
Long-term debt		199,000			179,000
Current liabilities		115,000			49,000
	$	663,000		$	528,000
Note 1
Ordinary shares outstanding		70,000			44,000

The carrying amounts of the net assets of both companies were equal to fair values except for plant and equipment. The fair values of plant and equipment were as follows:

Prong Company	$	690,000
Horn Company		470,000

Prongs other assets include patent registration costs with a carrying amount of $44,000. An independent appraiser placed a value of $119,000 on this patent.

Required:

Prepare the statement of financial position of Pronghorn Corporation immediately after the statutory amalgamation.