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Instructions: 1- Write down your name (in Arabic) and ID in the specified area above. 2- Submit your answer on time. 3- Use A4 size

image text in transcribed Instructions: 1- Write down your name (in Arabic) and ID in the specified area above. 2- Submit your answer on time. 3- Use A4 size papers for your answer 4- Make your answer organized and clear 5- Submit your answer in handwriting 6- Use a ruler to make tables 7- Submit this question page along with your answer. Problem: On January 1, 2005, The Sun Corporation issued 10,000 shares of its own $10 par value common stock for 9,000 shares of the outstanding stock of The Moon Corporation in an acquisition. The Sun common stock at January 1, 2005 was selling at $70 per share. Just before the business combination, balance sheet information of the two corporations was as follows: Required: 1. Prepare the Journal Entry on The Sun Corporation's books to account for the business combination. 2. Prepare an Elimination Worksheet Entry. 3. Prepare a Consolidated Balance Sheet Working Papers for The Sun Corporation and Subsidiary immediately after the business combination

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