Identification of Acquirer and Balance Sheet Valuation Presented below are the book values and fair values of the assets and liabilities of Axtel, Inc. and Barcel, Inc. on October 4, 2022, immediately prior to a business combination. Previously unreported identifiable intangibles, capitalized per GAAP, are: Axtel, Inc. $25,000 Barcel, Inc. 20,000 Required a. Prepare the combined balance sheet following each of the following business combinations: (1) Axtel borrows $250,000 on a long-term basis and buys Barcel for $250,000 cash. (2) Barcel borrows $505,000 on a long-term basis, and buys Axtel for $505,000 cash. b. Comment on how the fair value data for Axtel and Barcel were used in each of the above transactions. Why are total assets reported on the two balance sheets different, even though cach transaction results in the union of the same two companies? Identification of Acquirer and Balance Sheet Valuation Presented below are the book values and fair values of the assets and liabilities of Axtel, Inc. and Barcel, Inc. on October 4, 2022, immediately prior to a business combination. Previously unreported identifiable intangibles, capitalized per GAAP, are: Axtel, Inc. $25,000 Barcel, Inc. 20,000 Required a. Prepare the combined balance sheet following each of the following business combinations: (1) Axtel borrows $250,000 on a long-term basis and buys Barcel for $250,000 cash. (2) Barcel borrows $505,000 on a long-term basis, and buys Axtel for $505,000 cash. b. Comment on how the fair value data for Axtel and Barcel were used in each of the above transactions. Why are total assets reported on the two balance sheets different, even though cach transaction results in the union of the same two companies