1-11 Balances Reported Following Combination Elm Corporation and Maple Company have announced terms of an exchange agreement undr which Elm will issue 8,000 shares of its $10 par value common stock to acquire all of Maple Com- pany's assets. 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 follown Elm Corporation Book Value Fair Value Maple Company Balance Sheet Itenm Cash & Receivables Land Buildings & Equipment (net) Total Assets Book Value Fa $150,000 100,000 300,000 550,000 $200,000 20,000 330,000 $550,000 $150,000 $40,000 40,000 170,000 400,000 5,000 230,000 355,000 50,000 160,000 $250,000 $100,000 10,000 140,000 $250,000 $720,000 Common Stock Additional Paid-In Capital Retained Earnings Total Equities Required What amount will be reported immediately following the business combination for each lowing items in the combined company's balance sheet? a. Common Stock b. Cash and Receivables