Princeton Corporation purchased all of the stock of Stanford Corporation on July 1. Princeton paid 93,000,000 for this investment. Stanford's buildings had a fair value of $1,550,000. All other assets and liabilities of Stanford had fair values that were equivalent to their recorded amounts. Any excess purchase differential is attributable to goodwill. The separate balance sheets of Princeton and Stanford follow. Prepare the consolidated balance sheet that would be reported to Princeton's shareholders.

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Assets PRINCETON CORPORATION Balance Sheet July 1, 20X5 Liabilities Current assets Current liabilities Cash $565,000 Accounts receivable Inventories 233,789 Accounts payable Salaries payable 255,909 $1,054,698 Long-term liabilities Long-term investments Investment in Stanford Property, plant & equipment Land Building (net) Equipment (net) Intangible assets Patent Total assets 3,000,000 Loan payable Total liabilities $ 237,775 125,400 $ 363,175 2,500,000 $2,863,175 $378,790 861,919 476,136 Stockholders' equity 1,716,845 Capital stock $2,300,000 Retained earnings 1,148,368 3,448,368 540,000 $6,311,543 Total liabilities and equity $6,311,543