Chapter 1 LO 3,4-Discussion question On 1/1/2021 Le Company purchases 100% assets of Son Company (an acquisition of net assets) by issuing 10,000,000 shares of common stock with par of $1 per share and market price of stock is $15 per share. On that day. before the purchase, assets, liabilities and equity of the two company as follow: a) Le Company balance sheet 1/1/2021 (before the acquisition): Assets Liabilities and Equity Cash 120,000,000 Accounts Payable 15,000,000 Inventory 80,000,000 Bonds Payable 200,000,000 PP&E (net) 300,000,000 Common Stock (par $1) 50,000,000 Additional Paid in Capital in excess of par 150,000,000 Retained Earnings Total Assets 500,000,000 Total L E 85,000,000 500,000,000