Homework Total Marks: 10 Course Title: Advanced Accounting Course Code: BSAC 421 1441 - 1442 H/2020-2021 G Summer (3) Semester Question 1: 10 Marks Prepare balance sheet after acquisition Comparative balance sheets for Pin and San Corporations at December 31, 2010, are as follows (in thousands): 400 Pin San Current assets $ 520 $ 240 Land 200 400 Buildings-net 1.200 400 Equipment-net 880 960 Total assets $2,800 $2,000 Current liabilities $ 200 $ 240 Capital stock, $10 par 2.000 800 Additional paid-in capital 200 560 Retained earings 400 Total equities $2.800 $2,000 On January 2, 2011, Pin issues 60,000 shares of its stock with a market value of $40 per share for all the outstanding shares of San Corporation in an acquisition. San is dissolved. The recorded book values reflect fair values, except for the buildings of Pin, which have a fair value of $1,600,000, and the current assets of San, which have a fair value of $400,000. Pin pays the following expenses in connection with the business combination: Costs of registering and issuing securities $60,000 Other direct costs of combination 100,000 REQUIRED: Prepare the balance sheet of Pin Corporation immediately after the acquisition