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

Balance Sheet (in millions)	Grayson	Alpha
Current assets	$80	$10
Property and equipment	$600	$120
Intangibles	$30	$5
Total assets	$710	$135
Current liabilities	$35	$3
Long-term debt	$450	$70
Capital stock	$60	$15
Retained earnings	$140	$25
Accumulated other comp. inc.	$(25)	$2
Total liabilities and equity	$710	$135

Alpha’s property and equipment is overvalued by $25 million, its intangibles are undervalued by $15 million, and it has unreported intangibles valued at $10 million.

Required: Prepare Grayson’s balance sheet immediately following the merger.