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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 $ 158,000 70,500 $ 70,500 Receivables 274,500 305,000 305,000 Inventory 582,500 267,000 323,100 Land 710,000 221,000 192,500 Building and equipment (net) 665,000 299,000 363,300 Franchise agreements 277,000 256,000 287,300 Accounts payable (339,000 ) (156,000 ) (156,000 ) Accrued expenses (148,000 ) (42,500 ) (42,500 ) Longterm liabilities (940,000 ) (607,500 ) (607,500 ) Common stock$20 par value (660,000 ) Common stock$5 par v

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