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On January $1,2024,$ Presidio Company acquired $100$ percent of the outstanding common stock of Mason Company. To acquire these shares, Presidio issued to the owners of Mason $$295,000$ in long$-$term liabilities and $20,000$ shares of common stock having a par value of $$1$ per share but a fair value of $$10$ per share. Presidio paid $$26,500$ to accountants, lawyers, and brokers for assistance in the acquisition and another $$11,500$ in connection with stock issuance costs.

Prior to these transactions, the balance sheets for the two companies were as follows:

$\backslash$table$[[$Items$,\backslash$table$[[$Presidio$],[$Company$]],\backslash$table$[[$Mason$],[$Company$]]],[$Cash$,$$$63,000,$$$29,200$