On January $1,2004,$ Field Corporation, a retail outlet chain, acquired $100$ percent of

the common stock of Palouse Company by issuing $14,000$ shares of Field's $$5$ par

value common stock. The listed price of Field's common stock was $$20$ per share on

the eve of December $31,2003.$ Summarized balance sheet data at December $31,$

$2003,$ are as follows:

Field Palouse

Current Assets $$1,700,000$ $ $180,000$

Buildings $($net$)960,00050,000$

Land $600,000160,000$

Other Assets $340,00030,000$

Total Debits $$3,600,000$ $ $420,000$

Current Liabilities $$1,200,000$ $ $140,000$

Long$-$term Notes Payable. $200,00080,000$

Common Stock $400,00030,000$

Additional Paid$-$In Capital $200,00090,000$

Retained Earnings $1,600,00080,000$

Total Credits $$3,600,000$ $ $420,000$

Additional Information:

The book values of Palouse's assets approximated their respective fair values, except for inventory $($included in current assets$),$ which had a fair value $$20,000$ more than book value, and land, which had a market value of $$200,000$ on the date of combination.$$ At that date, Field owed Palouse $$34,000$ on account.

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Required: Prepare a consolidated balance sheet immediately following the acquisition.

Answer: