Elm Corporation and Maple Company have announced terms of an exchange agreement under which Elm will issue 8,000 shares of its $10 par value common stock to acquire all the assets of Maple Company. Elm shares currently are trading at $50, and Maple $5 par value shares are trading at $18 each. Historical cost and fair value balance sheet data on January 1, 20X2, are as follows:

Required What will be the amount reported immediately following the business combination for each of the following items in the combined company's balance sheet under purchase treatment?

a. Common Stock.

b. Cash and Receivables.

c. Land.

d. Buildings and Equipment (net).

e. Goodwill.
/ Additional Paid-in Capital.
g. Retained Earnings.

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Balance Sheet Item Book Value Cash and Receivables $150,000 Elm Corporation Fair Value $150.000 Book Value Land 100,000 170,000 Buildings and Equipment (net) 300,000 400,000 $ 40,000 50.000 160,000 Maple Company Fair Value $ 40,000 85,000 230,000 Total Assets $550,000 $720.000 $250.000 $355.000 Common Stock $200.000 $100,000 Additional Paid-In Capital 20.000 10,000 Retained Earnings 330.000 140.000 Total Equities $550.000 $250,000