33. On January 1, NewTune Company exchanges 15,000 shares of its common stock for all of the out- standing shares of On-the-Go, Inc. Each of NewTune's shares has a $4 par value and a $50 fair value. The fair value of the stock exchanged in the acquisition was considered equal to On-the-Go's fair value. NewTune also paid S25,000 in stock registration and issuance costs in connection with the merger Several of On-the-Go's accounts' fair values differ from their book values on this date: Book Values Fair Values Receivables Trademarks . $ 65,000 95,000 $ 63,000 225,000 60,000 180,000 200,000 (45,000) (50,000) Precombination book values for the fiwo companies are as follows NewTune On-the-Go Cash $60,000 150,000 29,000 65,000 Receivables. Trademarks Record music catalog. . . 400,000 840,000 320,000 95,000 60,000 105,000 $1,770,000 $354.000 $ (110,000) (370,000) (400,000) (30,000) (860,000 $(1.770,000) $ (34,000) (50,000) (50,000) (30,000) (190,000) $(354,000) Common stock.... Additional paid-in capital. Retained earnings... Totals... a. Assume that this combination is a statutory merger so that On-the-Go's accounts will be transferred to the records of New Tune. On-the-Go will be dissolved and will no longer exist as a legal entity. Prepare a postcombination balance sheet for NewTune as of the acquisition date. b. Assume that no dissolution takes place in conncction with this combination. Rather, both com- panies retain their separate legal identities. Prepare a worksheet to consolidate the two compa- nies as of the combination date c. How do the balance sheet accounts compare across parts (a) and (b)