On January 1, 2005, Myna Corporation issued 10,000 shares of its own $10 par value common stock for 9,000 shares of the outstanding stock of Berry Corporation in an acquisition. Myna 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:
		Myna		Berry Book Value		Berry
		Book Value				Fair
						Value
Cash	$	25,000	$	12,000	$	12,000
Inventories		55,000		32,000		36,000
Other current assets		110,000		90,000		110,000
Land		100,000		30,000		90,000
Plant and equipment-net		660,000		250,000		375,000
	$	950,000	$	414,000	$	623,000
Liabilities	$	220,000	$	50,000	$	50,000
Capital stock, $10 par value		500,000		100,000
Additional paid-in capital		170,000		40,000
Retained earnings		60,000		224,000
	$	950,000	$	414,000
Required:
1	Prepare the journal entry on Myna Corporations books to account for the business combination.
2	Prepare a consolidated balance sheet for Myna Corporation and Subsidiary immediately after the business combination.