Consider the following premerger information about Firm X and Firm Y : Assume that Firm X acquires Firm Y by issuing long-term debt for all the shares outstanding at a merger premium of $5 per share, and that neither firm has any debt before the merger. List the assets of the combined firm assuming the purchase accounting method is used. Answer is complete but not entirely correct. Consider the following premerger information about Firm X and Firm Y : Assume that Firm X acquires Firm Y by issuing long-term debt for all the shares outstanding at a merger premium of $5 per share, and that neither firm has any debt before the merger. List the assets of the combined firm assuming the purchase accounting method is used. Answer is complete but not entirely correct