3. Statements of Financial Position for Mergers (LO3) Consider the following pre- merger information about Firm X and Firm Y: Total earnings Shares outstanding Per-share values: Market Book Firm X $87,000 35,000 $ EA Firm Y $ 11,000 12,000 57 19 7 3 Firm X acquires Firm Y by issuing debt for all the shares outstanding at a merger premium of $6 per share. Assuming that neither firm has any debt before the merger, construct the post-merger statement of financial position for Firm X using the purchase accounting method.