On December $31,$ Pacifica, Inc., acquired $100$ percent of the voting stock of Seguros Company. Pacifica will maintain Seguros as a wholly owned subsidiary with its own legal and accounting identity. The consideration transferred to the owner of Seguros included $50,000$ newly issued Pacifica common shares $($$$20$ market value, $$5$ par value$)$ and an agreement to pay an additional $$130,000$ cash if Seguros meets certain project completion goals by December $31$ of the following year. Pacifica estimates a $50$ percent probability that Seguros will be successful in meeting these goals and uses a $4$ percent discount rate to represent the time value of money.

Immediately prior to the acquisition, the following data for both firms were available:

$$

Pacifica

Seguros Book Values

Seguros Fair Values

Revenues

$$(1,200,000)$

Expenses

$875,000$

Net income

$$(325,000)$

Retained earnings, $1/1$

$$(950,000)$

Net income

$(325,000)$

Dividends declared

$90,000$

Retained earnings, $12/31$

$$(1,185,000)$

Cash

$$110,000$

$$85,000$

$$85,000$

Receivables and inventory

$750,000$

$190,000$

$180,000$

Property, plant, and equipment

$1,400,000$

$450,000$

$600,000$

Trademarks

$300,000$

$160,000$

$200,000$

Total assets

$ $2,560,000$

$$885,000$

Liabilities

$$(500,000)$

$$(180,000)$

$ $(180,000)$

Common stock

$(400,000)$

$(200,000)$

Additional paid$-$in capital

$(475,000)$

$(70,000)$

Retained earnings

$(1,185,000)$

$(435,000)$

Total liabilities and equities

$$(2,560,000)$

$$(885,000)$

In addition, Pacifica assessed a research and development project under way at Seguros to have a fair value of $$100,000.$ Although not yet recorded on its books, Pacifica paid legal fees of $$15,000$ in connection with the acquisition and $$9,000$ in stock issue costs.

Prepare the following:

Pacifica$$s entries to account for the consideration transferred to the former owners of Seguros, the direct combination costs, and the stock issue and registration costs. $($Use a $0\mathrm{.}961538$ present value factor where applicable.$)$

A postacquisition column of accounts for Pacifica.

A worksheet to produce a consolidated balance sheet as of the acquisition date.

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