On January 1 of the current year, Healy Company purchased all of the common shares of Miller Company for $500,000 cash. Balance sheets of the two firms at acquisition follow. Healy Company Miller Company Consolidating Adjustments Consolidated Current assets $2,550,000 $180,000 Investment in Miller 750,000 - Plant assets, net 4,500,000 615,000 Goodwill - - Total assets $7,800,000 $795,000 Liabilities $1,050,000 $135,000 Contributed capital 5,250,000 600,000 Retained earnings 1,500,000 60,000 Total liabilities and equity $7,800,000 $795,000 During purchase negotiations, Miller's plant assets were appraised at $637,500 and, all of its remaining assets and liabilities were appraised at values approximating their book values. Healy also concluded that an additional $67,500 (in goodwill) demanded by Miller's shareholders was warranted because Miller's earning power was better than the industry average. (1) Prepare the consolidating adjustments and (2) prepare the consolidated balance sheet at acquisition. Remember to use negative signs with your consolidating adjustments, when appropriate.