Following are preacquisition financial balances for Padre Company and Sol Company as of December 31....

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Accounting

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

Book Values Book Values Fair Values
12/31 12/31 12/31
Cash $ 193,250 $ 72,900 $ 72,900
Receivables 228,000 369,000 369,000
Inventory 602,500 190,000 242,200
Land 765,000 195,000 166,200
Building and equipment (net) 765,000 271,000 340,000
Franchise agreements 224,000 216,000 249,900
Accounts payable (350,000 ) (138,000 ) (138,000 )
Accrued expenses (119,000 ) (47,500 ) (47,500 )
Long-term liabilities (995,000 ) (552,500 ) (552,500 )
Common stock$20 par value (660,000 )
Common stock$5 par value (210,000 )
Additional paid-in capital (70,000 ) (90,000 )
Retained earnings, 1/1 (522,500 ) (251,000 )
Revenues (1,041,250 ) (352,900 )
Expenses 980,000 328,000

Note: Parentheses indicate a credit balance.

On December 31, Padre acquires Sols outstanding stock by paying $108,000 in cash and issuing 17,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $24,300 as well as $10,300 in stock issuance costs.

Determine the value that would be shown in Padres consolidated financial statements for each of the accounts listed.

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