Week 1 - Assignment 2 1 3 Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also Included are fair values for Sol Company accounts. Padre Company Sol Company points Book Values Book Values Fair Values 12/31 12/31 12/31 Cash 161,750 66, 200 $ 66, 206 Receivables 208, 750 350,090 350,800 597,580 287, 090 Book Inventory 342,700 Land 785, 080 129,090 109,800 Building and equipment (net) 697,580 284,090 349 , 280 Franchise agreements 265, 080 262,090 296,800 Accounts payable (341, 620) (136, 206) (136,800) Print Accrued expenses (127, Bee (52,500) (52,580) Longterm liabilities 1, 097,500) (617, 509) (617,500) Common stock-$20 par value (660, 080) Common stock-$5 par value (210, 606) References Additional paid-in capital (70, 680) (90, 060 Retained earnings, 1/1 (452, 080 (247, Gee Revenues (978, 680) (351, 206) Expenses 930, 080 326,090 Note: Parentheses Indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $322,000 In cash and issuing 11,700 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $28,000 as well as $10,800 In stock Issuance costs. Determine the value that would be shown In Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) Accounts Amounts Inventory 5 940,200 Land 5 894,000 Buildings and equipment 5 1,046,700 Franchise agreements 5 561,800 Goodwill Revenues Additional paid-in capita Expenses Retained earnings, 1/1 Retained earnings, 12/31