On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $710,000 cash. At the acquisition date, Quigley's book and fair values were as follows:

Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets. Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting?

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Book Values Fair Values Cash Receivables Inventory.. Land Building and equipment (net) Patented technology Total assets $95,000 200,000 210,000 130,000 270,000 $ 95,000 200,000 260,000 1 10,000 330,000 220,000 $1,215,000 $905,000 $120,000 510,000 210,000 90,000 $120,000 510,000 Accounts payable Long-term liabilities Common stock ($5 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders equity 25 $905,000