Pam Company acquires the net assets of Jam Company for an agreed-upon price of $900,000 on July 1, 2011. The value is tentatively assigned as follows:

Current assets .............. $ 100,000

Land ................... 50,000

Equipment ................ 200,000 (5-year life)

Building ................. 500,000 (20-year life)

Current liabilities ............ (150,000)

Goodwill ................ 200,000

Values are subject to change during the measurement period. Depreciation is taken to the nearest month. The measurement period expires on July 1, 2012, at which time the fair values of the equipment and building as of the acquisition date are revised to $180,000 and $550,000, respectively.

At the end of 2012, what adjustments are needed for the financial statements for the period ending December 31, 2011 and 2012?