Balance Sheet after Business Acquisition

Wilson Corporation acquires Greatbatch Company for $60 million cash in a merger. The balance sheets of both companies at the date of acquisition are as follows:

Greatbatch's property and equipment is overvalued by $35 million, its reported intangibles are undervalued by $15 million, and it has unreported intangibles, in the form of customer databases and marketing agreements, valued at $10 million.

Required

Prepare Wilson's balance sheet immediately following the merger.

Use a negative sign with your answer for AOCIif thebalance is a loss.

\begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c}{ Balance Sheet } & & \\ \hline (in millions) & Wilson & Greatbatch \\ \hline Current assets & $60 & $5 \\ \hline Property and equipment & 500 & 90 \\ \hline Intangibles & 20 & 3 \\ \hline Total assets & $580 & $98 \\ \hline Current liabilities & $25 & $2 \\ \hline Long-term debt & 400 & 65 \\ \hline Capital stock & 50 & 12 \\ \hline Retained earnings & 120 & 15 \\ \hline Accumulated other comprehensive income (loss) & (15) & 4 \\ \hline Total liabilities and equity & $580 & $98 \\ \hline \hline \end{tabular} Required Prepare Wilson's balance sheet immediately following the merger. Use a negative sign with your answer for AOCl if the balance is a loss